The Spanish firm Abengoa, a major multinational company with concentrated interests in biofuels, solar, and other renewable technologies, is in the process of selling hard assets in a bid to free up cash, Reuters reported.
Stock prices of the publicly-traded company have fallen sharply since late July amid fears over the financial liquidity, declining over 16% in less than a week. The CEO, Santiago Seage, stated in a conference call that the company “will be generating a very significant free cash flow in the coming years thanks to our position in global markets in infrastructure, power, and water.”
Days after the announcement, a new capital-raising round was announced by Nasdaq. The plan allows for a capital raise of around $700m, with a little less than half that amount used to pay down corporate debt.