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Abengoa signs Medgrid agreement in Paris

December 16, 2010

Madrid, 16 December 2010.- Abengoa and 20 European partners have signed the Medgrid initiative in Paris, which aims to promote and develop a Euro-Mediterranean electricity network that encourages the transmission of energy produced in the countries on the southern side of the Mediterranean Sea to the European market.

It also contemplates the development of a strategic plan to construct electricity lines under the Sea in order to connect both sides of the Mediterranean. Currently, there is only one electricity line in operation between Europe and North Africa (Spain-Morocco).

The signing of the agreement represents the realisation of a project that began at the start of the year and which has attracted leading international companies to generate, transport and distribute electricity, and to design, construct and to operate networks.

In the next three years the partners have agreed to carry out various feasibility studies in order to be able to import electricity into Europe by 2020. The signatories have all agreed that the agreement marks a “very important step” in achieving 20 GW of electricity production from renewable sources by 2020, especially from solar energy in North Africa and the eastern Mediterranean, of which one quarter will be exported to Europe.

The signatories to the agreement are Alstom Grid; Areva; Atos WorldGrid; CDC Infraestructuras; EDF; Ineo; Nemo; Nexans; Nur Energie; ONE; Pan Med Trading and Investment; Prysmian; Red Electrica; RTE; Siemens; Soitec; Taqa Arabia; Terna and Salid Elias Establishment, and Abengoa.

Among the principal projects announced by the partners, which will each initially contribute 200,000 Euros, is the laying of five high-voltage cables that will allow the transmission of 5,000 megawatts of power and will require an investment of €6.0 billion.

Medgrid is part of the Mediterranean Solar Plan, which was launched in 2008 as a project to tackle the expected increase in energy demand in the Euro-Mediterranean region in a sustainable way and the need to reduce greenhouse gas emissions.

Abengoa (MCE: ABG) is an international company that applies innovative technology solutions to sustainable development in the energy and environment sectors, generating energy from the sun, producing biofuels, desalinating sea water and recycling industrial waste.

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