Another taxpayer-funded solar-energy company fails
Collapse of Spain's 'Solyndra' poses election-year embarrassment
NEW YORK – The collapse of a Spanish-based multinational renewable energies company could cause election-year embarrassment not only to President Obama, Hillary Clinton, the Clinton Foundation and the Democratic Party, but also to Republican presidential candidate Ted Cruz and his wife Heidi, through their ties to Goldman Sachs.
Announced Tuesday, Seville-headquartered renewables multinational firm Abengoa plans to sell off four solar photovoltaic power plants in Spain for a collective value of $65.13 million, $57.26 million and a net cash flow of $13.9 million, helping the company meet its debt-restructuring targets set out in its feasibility plan.
The asset sale announced Tuesday comes after the company sold in February its 20 percent share in the 100MV Shams-1 concentrated solar power plant in the United Arab Emirates to the Abu Dhabi-based renewable energy company Masdar.
The Abengoa selloff, which has included selling the company’s office headquarters in Madrid, is part of a non-strategic divestment plan announced after the company went into bankruptcy in November. The move is designed to reap approximately $112 million in operating cash to stay in business until December.
Collapse of Spain's 'Solyndra' poses election-year embarrassment
NEW YORK – The collapse of a Spanish-based multinational renewable energies company could cause election-year embarrassment not only to President Obama, Hillary Clinton, the Clinton Foundation and the Democratic Party, but also to Republican presidential candidate Ted Cruz and his wife Heidi, through their ties to Goldman Sachs.
Announced Tuesday, Seville-headquartered renewables multinational firm Abengoa plans to sell off four solar photovoltaic power plants in Spain for a collective value of $65.13 million, $57.26 million and a net cash flow of $13.9 million, helping the company meet its debt-restructuring targets set out in its feasibility plan.
The asset sale announced Tuesday comes after the company sold in February its 20 percent share in the 100MV Shams-1 concentrated solar power plant in the United Arab Emirates to the Abu Dhabi-based renewable energy company Masdar.
The Abengoa selloff, which has included selling the company’s office headquarters in Madrid, is part of a non-strategic divestment plan announced after the company went into bankruptcy in November. The move is designed to reap approximately $112 million in operating cash to stay in business until December.