Wind Energy

Abengoa develops 1.8 GW of concentrating solar power projects

On May 4th, 2012 Abengoa SA (Seville, Spain) released financial results for the first quarter of 2012, reporting an 18% year-over-year increase in revenues to EUR 1.76 billion (USD 2.29 billion), a 16% EBITDA margin, and a 58% increase in net income to EUR 89 million (USD 116 million).

Two days earlier on May 2nd, 2012 Abengoa announced that it has successfully refinanced EUR 1.57 billion (USD 2.04 billion) of its long-term corporate bank debt, extending the maturity of this debt by more than three years. This includes the right to increase this financing by up to EUR 300 million (USD 390 million).

"We have started the year as we expected, without surprises, and delivering on the estimates we have shared," stated Abengoa CEO Manuel Sánchez Ortega.

"We have also continued our investment, our asset rotation strategy and we have been able to close the refinancing and syndication of EUR 1.566 billion. This gives us the confidence to meet our annual targets."

Growth was spread evenly across the company’s three divisions, with a 19% year-over-year growth in the Engineering and Construction segment to EUR 931 million (USD 1.21 billion) and an 18% growth in Concession-type infrastructures to EUR 103 million (USD 134 million).

Abengoa also notes that 70% of its revenues came from outside Spain, with nearly 50% of company’s revenues from its business in the Americas, including 17% from the United States.

The company is currently developing 1.8 GW of solar energy projects, 1.62 GW of which is located in the United States. This includes full ownership of two 280 MW concentrating solar power (CSP) projects, the Solana and Mojave projects, which it expects to commission in 2013 and 2014.

During the quarter the company also completed the Solacor 1 and 2 concentrated solar power plants in Spain, each 50 MW. The company holds a 74% ownership in these two plants.

Abengoa’s refinancing was led by Bankia, Bank of America ML, Citibank, Banco Popular, Sabadell, Banco Santander and Société Générale, which acted as arrangers and bookrunners for the transaction. The overall transaction involved a total of 35 financial institutions.

Due to the restructuring, Abengoa notes that there will be no significant maturities in its debt until 2014. The company states that this will allow it to focus on implementing its strategic plan over the next three years.

www.abengoa.com