Vista Ridge Pipeline Company Trying to Step Back On Project Responsibility
Abengoa, the company working with the San Antonio Water System to build the Vista Ridge Pipeline is attempting to remove some of its financial responsibility from the project as it deals with debt.
Abengoa has a 51 percent stake in Vista Ridge and wants to take that down to 20 percent with the assistance of outside equity partners. SAWS spokeswoman Anne Hayden says Abengoa has been going through processes to manage debt in its home country of Spain.
"And they have been very public about wanting to reduce the amount of different projects they're working on," she said. "But the Vista Ridge project here in San Antonio is still one that is going to be very important to them. So they are staying on the project. However, they are having to reduce the amount of debt on this project."
Hayden says SAWS has contingency plans in the Vista Ridge contract for instances like this. The water system believes that the project is still viable. Companies that participate in the equity investment would get a share of the profits from the 140-mile Vista Ridge Pipeline project that would bring water from Burleson County to San Antonio by 2020.