Sunday , September 25 2022

Spanish Abengoa works with Franklin Templeton's cashier to grow up in Peru. | Economy Companies



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The Andalusian multinational Abengoa has found a partner to grow in Peru, one of its priority markets in its strategic plan, Economist said today.

According to the report, Avengo He recently signed an agreement with Franklin Templeton Investments, the US Treasury Manager, to finance the development of projects in the South American country.

In this way, the group is taking a step towards diversifying its funding, following the agreement reached in late September with the main creditors – and which has to be ratified – to restructure its debt and achieve liquidity.

Aberdeen Peru is one of the subsidiaries left out of the restructuring plan signed by the parent company in March last year. Previously, on 14 October 2016, the company had signed an agreement with its creditors in Peru, starring Santander, for which it could suspend payment obligations and extend deadlines to do so.

The deal now with Franklin Templeton, organized through Darby Overseas Investments, gives Abengoa Peru long-term alternative funding to banks to face the many projects that are at the forefront of the country and will also allow it to cancel some of your bank debt.

The US company raised a third private debt fund for Latin America for $ 300 million (262 million euros at the current exchange rate). The objective is to invest in medium-sized companies, financially sound and with proven management and competitive position in the market.

The Fund, which is supported by investors from Europe, the United States, Asia and Latin America, has estimated that Abengoa Peru meets these requirements. Franklin Templeton's investment in the Peruvian subsidiary headed by Gonzalo Urquijo will initially be up to $ 30 million (26.2 million euros), 10% of the capital.

Avengo It has a long history in Peru, where it has been present since 1982 and is currently developing water and power generation projects. It also performs projects related to the mining sector. This year, without going further, a new contract was signed to expand the mining company Shougang Hierro.

Avengo it has 29,000 million radar projects around the world, and Latin America, with Peru as one of its main markets, covers 31% of this amount (EUR 8990 million).

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