Abengoa looks to sell stalled Brazil projects

• 8 years ago (2015-12-31)

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Abengoa, which owns energy, telecommunications, transportation and environment businesses, is looking for a “market solution” for projects it has been contracted to build and operate in Brazil. The company is attempting to reach an agreement with creditors before a March 28 deadline, to stop it from becoming the country’s biggest ever bankruptcy.

The company said: “In Brazil, Abengoa is in permanent contact with local authorities to find a solution for our company’s projects that are in development in the country.”

Stoppages are expected to delay completion of the 1700 km of transmission lines needed to link the new Belo Monte hydroelectric project in Brazil’s Amazon with key parts of the national power grid.

Brazil’s government is counting on Belo Monte, whose capacity of 11 200 MW is the third largest in the world.