Spain’s Abengoa SA Obtains Backing From Creditors To Evade Bankruptcy

Spanish energy company Abengoa SA (NASDAQ:ABGB) has obtained the support of about 75% of its lenders to reorganize its large debt and ask for additional time from the judiciary for negotiations targeted at preventing bankruptcy as per a document. The organization having a EUR9.4 billion ($10.5 billion) debt amount is in pre-solvency talks and would be Spain’s biggest ever bankruptcy if it doesn’t reach a compromise with lenders as well as bondholders. Abengoa has a deadline of March 28 to…

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Garney Construction Taking Over Vista Ridge Water Pipeline

Garney Construction Taking Over Vista Ridge Water Pipeline

  • March 25, 2016
  • News

Missouri-based Garney Construction is now the owner of the Vista Ridge water pipeline project after attorneys representing the construction firm, former owner Abengoa Vista Ridge, and other partners came to an agreement on Tuesday afternoon. Garney was already a construction partner but will now be in charge of operations, maintenance, and financing of the project. The announcement comes just days before the March 28 deadline for the subsidiary of Abengoa Sociedad Anónima, the Spanish renewable energy and engineering conglomerate that filed for protection from its…

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Abengoa is out, and Vista Ridge is stronger than ever

One of the two great ironies of the Vista Ridge saga is how Abengoa was supposed to bolster the controversial water project but instead became an albatross that threatened to doom the pipeline before it ever could be built. As a behemoth in clean energy technologies, building large-scale projects around the world, Spain-based Abengoa should have symbolized certainty and expertise. The name was supposed to mean something. Vista Ridge is a big project by any measure — $3.4 billion, 50,000…

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Pipeline builder, through nonprofit, seeks $885 million state loan

Pipeline builder, through nonprofit, seeks $885 million state loan

  • March 11, 2016
  • News

The company contracted to build a pipeline for the San Antonio Water System has applied for an $885 million low-interest state loan to finance the project. SAWS officials have often said in public meetings and interviews that financing for the 142-mile pipeline that would deliver up to 16.3 billion gallons per year to San Antonio from Burleson County would come from bonds sold by Abengoa Vista Ridge. But on Feb. 5, Abengoa Vista Ridge, through its affiliated nonprofit, submitted the…

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Abengoa Vista Ridge announces that it will sell 80 percent of its share in the SAWS pipeline project

San Antonio Water System officials today released a list of firms interested in buying into the Vista Ridge pipeline project. Brookfield Global Infrastructure Advisor Ltd., John Laing Group PLC and the Blackstone Group have all submitted formal proposals to Abengoa Vista Ridge, the company that would build the pipeline to deliver water to SAWS customers from Burleson County. With its parent company, Abengoa S.A., deeply in debt and working to avoid bankruptcy, Abengoa Vista Ridge announced earlier this month that…

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Some City Council members want say on pipeline contract revision

Some City Council members want say on pipeline contract revision

  • February 15, 2016
  • News

The City Council is divided over whether the San Antonio Water System should allow the company planning to build a water pipeline from Burleson County to sell most of its stake in the project without council approval. District 8 Councilman Ron Nirenberg is leading a group of council members that says the SAWS board of trustees should not unilaterally amend the Vista Ridge contract. On Wednesday, Nirenberg filed a formal request that the council review the subject, following news that…

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Expert: Vista Ridge/Abengoa generates plenty of intrigue

It started out, by most accounts, as a good business deal. “The return was estimated to be upwards of 12 percent over a 30-year period, so this was a pretty fantastic project,” said David Vequist, a professor of management at the University of the Incarnate Word of the Vista Ridge project. Vequist has closely studied the business deal between the San Antonio Water System and the Spanish company Abengoa. The two entities began negotiations in 2011 and eventually came together…

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San Antonio’s Vista Ridge Pipeline project partners face off in legal dispute

San Antonio’s Vista Ridge Pipeline project partners face off in legal dispute

  • December 23, 2015
  • News

In a move that could cause further turbulence for a proposed $3.4 billion San Antonio pipeline project, one groundwater company has sued another after it says it was cut out of money related to the deal. Brenham-based Metropolitan Water Company is suing Austin-based Blue Water Systems in Travis District Court over a dispute involving water at the proposed pipeline’s source, in areas to the northeast of Austin. The suit claims that Met Water signed into an revenue-sharing agreement with Blue…

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San Antonio City Council Approves New Water Rate Structure

San Antonio City Council Approves New Water Rate Structure

City Council has unanimously approved increased water rates and rate structure, a strong display of confidence in the water utility’s ongoing efforts to diversify the city’s water supply and to encourage greater water conservation. The recent vote follows two years of study, deliberation, and debate over the city’s long-range water future and the Council’s unanimous vote in October 2014 to endorse the $3.4 billion Vista Ridge water project. Starting in 2016, San Antonio Water System (SAWS) will add four new usage and…

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Is the Vista Ridge Groundwater Reliable? Who’s calling for it?

Is the Vista Ridge Groundwater Reliable? Who’s calling for it?

Thursday the San Antonio City Council will vote on a new SAWS rate structure being proposed in part to pay for Vista Ridge. “The controversial Vista Ridge water pipeline, if completed, will pump 50,000 acre-feet/year of Carrizo-Wilcox Aquifer groundwater from a well field located in Burleson County.” Curtis Chubb takes a hard look while San Antonio’s largest business group is backing water rate increase. Commentary: Is the Vista Ridge Groundwater Reliable? November 16, 2015 by Curtis Chubb, The Rivard Report The…

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