Abengoa's head office in Spain - file photo
It has been revealed that Abengoa, the power and engineering group, which is in pre-insolvency talks to avoid becoming Spain's largest ever bankruptcy, has stakes in almost 900 subsidiaries and partnerships.
Abengoa is the preferred bidder to construct the 190 megawatt plant in Old Harbour, St. Catherine in Jamaica for Jamaica Public Service (JPS), the cuontry's sole commercial distributor of electritity.
The complexity of Abengoa highlights the difficulty faced by creditors of the firm to understand the extent of its debts, one of the first tasks they face as they embark on restructuring talks.
Almost a quarter of the 887 firms Abengoa has indirect or direct holdings in did not post any income over the last year. Almost half of them are located abroad, as it operates power projects all over the world.
Abengoa also has a listed-subsidiary in the United States - Abengoa Yield, and big operations in Latin America.
Kelly Tomblin, JPS CEO, has said that a decision will be made on December 9 whether to proceed with Abengoa as the preferred bidder to construct the Jamaica plant.
JPS has declared that it is ready to activate an alternative plan to ensure the new power plant is built and commissioned by 2018.
JPS has declared that it is ready to activate an alternative plan to ensure the new power plant is built and commissioned by 2018.
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