Abengoa advances its divestment plan with the sale of wind farm Campo Palomas in Uruguay
Abengoa, the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, has reached an agreement with a subsidiary of Invenergy Wind LLC (“Invenergy”) for the sale of wind farm Campo Palomas, located in Salto, Uruguay. This agreement is included in the divestment plan announced by the company and contribute to achieving the objectives set in the viability plan of the new Abengoa.
Abengoa will remain responsible for implementing the construction project for an amount of 49 M USD. The wind farm, awarded by the state-owned Electric Power Plants & Transmissions (UTE) and 70 MW, is currently under construction and plans to begin operation next February 2017.
The sale of Campo Palomas involves the release of the company´s obligations for MUSD 37.5 M USD of debt and associated guarantees. Similarly, it enables compliance with all contractual conditions, both Power Plants & State Trasmisiones, strategic customer of Abengoa, as the leading supplier of wind turbines.
This operation is part of the divestment policy of Abengoa and represents further progress in the feasibility process in which the company is currently carrying out. Abengoa also recently announced the sale of its stake in the solar power plant Shams-1, located in United Arab Emirates, as well as other properties such as the former headquarters of the company in Madrid.