Concentrating solar power: Abengoa sales grow 42% in 2011

On November 15th, 2011 Abengoa SA (Seville, Spain) released financial results for the first nine months of 2011, reporting a 42% growth in sales to EUR 4.78 billion over the first nine months of 2010, and an EBITDA margin of 16%.

Abengoa’s activities with concentrating solar power (CSP) technologies are spread across its three divisions. The company’s Concession-type Infrastructures including electricity generation and transport, reported a 41% increase in sales during this period to USD 435 million, with an EBITDA margin of 72%.

"In such an extremely complicated environment, I am pleased to be able to share the excellent results that our company has been able to achieve once again," states Abengoa CEO Manuel Sanchez Ortega.

"These results are the reflection of the effort and commitment of the people that make up Abengoa."

Abengoa commissions 200 MW of CSP in Spain, Algeria

Abengoa attributes the increases in its Concession-type Infrastructures sales to the commissioning of 200 MW of CSP plants in Spain and Algeria.

Sales in the company’s Engineering and Construction division increased 32% to USD 2.91 billion during the period, and the division reported an operating margin of 12%.

Abengoa recently received a federal loan guarantee of USD 1.2 billion to support the construction of the Mojave Solar project, and in the third quarter of 2011 First Reserve Corporation (Greenwich, Connecticut, U.S.) invested USD 410 million in Abengoa shares.

The company reported profit of USD 285 million during the nine-month period, a 45% increase over the same period in 2010. Abengoa has further increased its guidance for 2011, with revenues in the range of USD 9.2 – 9.3 billion, and an EBITDA margin around 15%.