Bankruptcy sheds more light on Abengoa’s Vista Ridge dealings
Spanish conglomerate Abengoa routed nearly $119 million in borrowed funds for the Vista Ridge pipeline project through a nonprofit water supply corporation, according to bankruptcy court filings.
Exactly why that money was funneled through the nonprofit Central Texas Regional Water Supply Corp. is unclear. State law gives a nonprofit water supply corporation eminent domain authority, which could come in handy in building the controversial pipeline, which the San Antonio Water System hopes will provide the city with 20 percent of its water needs by 2020, but details about the water supply corporation’s purpose are scarce.
The nonprofit corporation was created in September 2014 under Texas water law. That was the same year that one of the subsidiaries of Abengoa — an engineering and construction company that builds solar, bioenergy and water projects around the world — signed a contract with SAWS that would require the system to purchase up to 16.3 billion gallons of water per year from a 142-mile pipeline to Burleson County… Read more from SA Express-News