Spanish renewable energy company Abengoa has signed an extension to its operations and maintenance agreement with the Moroccan Power and Drinking Water Office for the Ain Beni Mathar solar-gas power plant.

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.

Abengoa’s solar business chief executive Armando Zuluaga signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority and the Egyptian Electricity Transmission Company to define the terms of cooperation for renewable energy in Egypt.