Report
Abengoa SA
C/ Energia Solar n 1, Palmas Altas
Phone: +34 954937000p:+34 954937000 SEVILLA, SEV  41014  Spain Ticker: AGOAFAGOAF
Filed for Insolvency on 2/22/2021
On 2/22/2021, Abengoa SA filed an application for a Voluntary Bankruptcy Proceeding with the competent Court in Selville.
On 7/28/2023, Cox Energy SAB de CV closed its acquisition of Abengoa SA
This company is no longer actively traded on any major stock exchange.

Economy.- Banco Santander takes over Abengoa's A3T project by exercising a purchase option


MADRID, 15 (EUROPA PRESS)
Banco Santander has taken over one of the flagship assets of Abengoa's portfolio, the cogeneration plant in Mexico A3T, by exercising its purchase option over the company that controlled this project.
As recorded in the documentation of the 2019 results submitted by the infrastructure and renewable energy group to the National Securities Market Commission (CNMV), on 21 December, the shareholders of the company A3T Luxco 2 received notification from the financial institution for the exercise of the call option according to the contracts signed on April 25, 2019.
In this way, Banco Santander, as the holder of the 'convertible A3T bond' had guaranteed a purchase option of 99.99% of the shares of A3T Luxco 2. The exercise of the option took place on February 7.
With the exercise of this option A3T Luxco 2 and its dependents (the company A3T Luxco 1 and Abent 3T S.A.P.I. de C.V.), they have left the consolidation perimeter of Abengoa during the first quarter of the 2021 financial year.
As part of the restructuring of Abengoa's debt approved in 2019, the entity chaired by Ana Botín committed an injection of 97 million euros to the Andalusian company in exchange for a bond issuance against the A3T.
The sale of A3T has been on the group's 'roadmap' since its financial problems began years ago, although, despite trying several times, it could not be realized.
The A3T efficient cogeneration plant, the group's first self-development in Mexico, as well as its second cogeneration in the country, the company reported, has been operational since December 2018 and was committed to more than 85% of the energy generated by the project in long-term energy sales contracts (PPAs).
The plant is located next to the Nuevo Pemex Gas Processor Complex (CPG NP) in the municipality of Centro (Villahermosa, Tabasco) and has a guaranteed capacity of 220 megawatts (MW) (266 MW maximum power).
LOSSES OF 549.1 MILLION IN 2019.
Abengoa, which is in the midst of a shareholding 'war' to close a new bailout of the company by its creditors, recorded a loss of 549.11 million euros in 2019, representing almost three times less than the 1,497.86 million euros of the previous year.
This Friday, the group referred its 2019 accounts to the CNMV one year late, after it decided to postpone its submission in March pending an independent expert report that valued its stake in Abengoa Abenewco 2, and without the auditor's report.
As of December 31, 2019, the group's net worth was negative in the amount of EUR 4,760,052 million, up from EUR 4,251,016 million at the end of the previous year.
POSITIVE IMPACT OF UP TO 3.3 BILLION OF THE RESTRUCTURING PLAN
The company, whose shares have been suspended from july, indicated that the implementation of the restructuring agreement with the main financial creditors would have a positive impact on consolidated equity of approximately EUR 3 billion to EUR 3.3 billion.
On August 6, the group reached an agreement for Abengoa Abenewco 1, which, according to the plan, is expected to become the parent company of all businesses of the company, it will underwr a five-year loan amounting to up to 230 million euros for which it applied for the guarantee of the ICO under Royal Decree-Law 8/2020 of urgent and extraordinary measures against the social and economic impact of covid-19.
To the loan of 230abengoa added a five-year line of 'revolving' guarantees amounting to up to 126.4 million euros, expandable to 300 million euros, classified as a new line of guarantees.
The closing of the operation was pending the contribution of the Junta de Andalucía to that rescue in an additional 20 million euros that was not finally realized.
On December 23rd, Abengoa's new board of directors, chaired by Juan Pablo López-Bravo, already considered that the refinancing agreed on August 6, 2020 was "the best and only solution for the group".
The company's governing body, with two members of the initial three following the resignation of Jordi Sarrias, warned that delaying its execution beyond the 31st of this month "would lead to the liquidation of the group, the loss of thousands of jobs and the total destruction of value for Abengoa SA and its shareholders".
MARCH MEETING
In addition, the group has convened an extraordinary meeting for next March that will address, in addition to reporting on the situation of the company, the disapproach and dismissal of the members of the current board of directors.
Likewise, new members will be appointed to its governing body, including Clemente Fernández González, José Alfonso Murat Moreno and José Joaquín Martínez, members proposed by Abengoa Shares.

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