Why did Abengoa SA file for insolvency?

This article is for subscribers only. Renewable energy group Abengoa SA filed for insolvency late on Monday, after its latest attempt to restructure its debts fell apart. The parent company of the renewable-energy producer, which is the entity that filed for insolvency, had around 1 billion euros ($1.22 billion) of liabilities in 2019.

Who owns Abengoa?

Abengoa, S.A. was a Spanish multinational company in the green infrastructure, energy and water sectors. The company was founded in 1941 by Javier Benjumea Puigcerver and José Manuel Abaurre Fernández-Pasalagua, and was based in Seville, Spain. Its current chairman is Gonzalo Urquijo Fernández de Araoz.

Did Abengoa fail to report earnings on time?

On Tuesday, the Spanish regulator initiated a disciplinary procedure against the company and its board for the offense of failing to report earnings on time. Abengoa reached a deal with its creditors in August to restructure its debt and obtain additional liquidity.

What will Abengoa do in the future?

As the company continues to expand in the US, Abengoa will look to leverage its experience in areas such as intelligent electricity networks, transmission line optimization and the use of other renewable energies such as hydrogen, as a means to continue providing clean and renewable energy to the United States.