The rescue of Hard Felguera it gets complicated at times. At the end of this article, the only formal offer (although not binding) that the Asturian has on the table is the of the owner of Capital Energy, Jesus Martin Buezas, a proposal that has already been rejected on several occasions by the State Society of Industrial Participations (SEPI) and by the Government.
Information confirmed by THE SPANISH-Invertia indicate that this proposal of Jesus Martin Buezas, carried out in a personal capacity, it only offers five million euros in capital, in addition to a series of wind projects that do not have with administrative authorizations, currently in process.
Capital Energy In 2020, it requested the admission for processing of the administrative authorizations of 114 projects, corresponding to a total of 5,967 megawatts (MW), 5,493 MW of wind power and 474 MW of photovoltaic power.
The interest of Martin Buezas It is old and dates from December of last year, although it has been the only proposal that has been maintained in the time that has passed between the request for the rescue of the SEPI and the granting of the first 40 million of these grants.
A proposal that the SEPI does not like, which considers it insufficient since it only offers pLow profitability wind projects in a complex situation from the point of view of environmental authorizations. The great goal of Martin Buezas is to merge Duro Felguera with Capital Energy and create a large infrastructure company.
No more interested
The QUIET consider that to enter Hard Felguera as an industrial partner you need a little more capital. The plan approved by the public entity to release the rescue included a refinancing and the entry of a industrial with 30 million euros, very far from what it proposes Martin Buezas.
When negotiating the last extension to receive the next 80 million euros of the rescue, the SEPI again refused to approve the entry of the owner of Capital Energy, despite having the endorsement of the team of CEO Jaime Argüelles. At the same time, he called for the urgent search for other alternatives.
The problem is that these alternatives do not exist, despite what you have said Argüelles to your staff. “The process is well advanced and there are several signed confidentiality agreements (NDAs). Interested parties are studying their possible investment. The company is immersed in the process to be able to make an optimal selection and decision making, “he said in a recent letter sent to his workers.
There are no interested parties, there is only one, which is also rejected by the Government. A situation that further complicates the rescue of Hard Felguera. As this newspaper already told banks have been planted after being about to sign the term sheet of the debt refinancing and after verifying that the QUIET slow the entry -until the end of November- of the 80 million for the second time in less than six months.
The bank doubts because QUIET does not support plan again CEO Jaime Argüelles, something that has been confirmed after the request for more time in order to meet the conditions, among which is precisely having the signature of the term sheet. The bank no longer wants to sign without the money from SEPI and the SEPI does not want to give the money if there is no support from the bank.
In this sense, the sources consulted indicate that solutions are exhausted to Hard Felguera. In the first place, it does not appear that a second offer will be presented in the short term, which would force to have to do without an industrial investor.
The problem is that if the QUIET yields and accepts the new plan without Fortress’s 40 million (which was already rejected a few weeks ago) and gives the plea so that there is no investor until 2022, the company runs the risk of spending the 80 million of the second part of the rescue , without contracts and without launching an industrial plan from the hand of a new partner.
The accounts for the first semester reflect that the company recorded revenues of 40 million, a decline of 43% compared to 70 million in the same period of the previous year.
Although where the deterioration of Hard Felguera It is in the hiring that it barely reached 22 million euros, a 58% drop from 52 million a year ago. This shows that the company is not active and that no new projects are entering, the key that would ensure survival in the medium term.
While, Hard Felguera it continues its flight forward. In an attempt to convince the banks and SEPI, the Asturian government’s investment of six million euros in the company has been announced. An amount committed six months ago and that had not been confirmed announced until now.
Entrance of the Principality
According to the Principality, the contribution will be made “either through participation in the capital stock, either through the granting of participating loans or through any of the instruments provided for in the Support Fund for the Solvency of Strategic Companies “.
“In any case, the aid will be coordinated with the State Society for Industrial Participations (SEPI) and will be effective before the end of the year,” they say. That is, the input formula is not clarified, only that they will be delivered if the input QUIET.