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Abengoa And EIG To Invest $2.5 Billion In Joint Clean Energy Venture

Spanish multinational Abengoa has announced that, in conjunction with EIG Global Energy Partners, it is close to finalizing the investment of $2.5 billion to create a joint venture intended to acquire more than $9.2 billion of new clean-power projects.

According to Abengoa, the two companies are in the final stages of an initial investment which intends to create Abengoa Projects Warehouse 1, which will acquire existing Abengoa projects to be owned jointly between Abengoa and EIG Global Energy Partners.

“As part of the transaction, a newly formed company, Abengoa Projects Warehouse 1 (APW1) will be created and will acquire a portfolio of selected Abengoa’s projects under construction, including renewable and conventional power generation, power transmission and water management assets in different geographies including US, Mexico, Brazil and Chile,” Abengoa write in the press release attached to the announcement.

Abengoa also note that they will sign a Right of First Offer with the newly developed APW1 to allow them the opportunity to investment in new projects won by Abengoa in the future.

Abengoa has not flooded the news like other energy companies of late, however two specific mentions are worth noting.

In November of 2014, Abengoa announced that it would continue to push forward with the development of the Palen concentrating solar power (CSP) project, despite the withdrawals of its planning application a few months previously. The 500 MW project has been under development for some time, in a partnership between Abengoa and Brightsource, but planning application issues have forced the project to be downsized from two towers to one.

At the same time, Abengoa also announced that it would be acquiring Brightsource’s stake in the operation.

A few months later in January, Abengoa was announced as the partner in the development of  the Al Khafji desalination plant by TAQNIA, Saudi Arabia’s innovation investment agency, through its newly formed company Advanced Water Technology (AWT).

The desalination plant will include a 15 MW solar array engineered by King Abdulaziz City Science and Technology.

While Abengoa may not be a household name as of yet, the number of high-profile renewable energy projects currently under development by the Spanish company means we’ll be hearing a lot more in the months and years to come.

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