Abengoa may resume work on Chilean CSP project in Q4 - report

Abengoa CSP plant. Author: Big Max Power (BMP). License: Creative Commons, Attribution 2.0 Generic

August 31 (SeeNews) - Abengoa SA (BME:ABG) intends to resume work on the USD-1-billion (EUR 898m), 110-MW Atacama I concentrated solar power (CSP) project in Chile in the next few months, Bloomberg reports, quoting informed sources.

The Spanish engineering and renewables group, which is currently attempting to avoid the country’s largest corporate bankruptcy, could restart work on the project in the final quarter of the year, according to one of the sources. Another one told the news agency that Abengoa first needs to reach agreements on its debt restructuring plan.

Presently, there is only maintenance personnel on site because Abengoa axed some 1,500 workers from the project in January. Union representative Luiz Reyes told Bloomberg that the company has not yet complied with indemnities for some of the workers and needs to do so before construction can be resumed.

The Atacama I project is a joint venture between Abengoa and private equity firm EIG Global Energy Partners.

(USD 1.0 = EUR 0.898)

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