Rep. Mike Pompeo is demanding information on Abengoa, a Spanish green energy firm on the brink of bankruptcy that could leave U.S. taxpayers on the hook for billions of dollars.
The Kansas Republican is worried Abengoa’s bankruptcy could stick taxpayers with the bill in light of recent news the company’s single largest creditor is the Federal Financing Bank (FFB) — a government-owned bank operated by the Department of the Treasury.
“Recent news that Abengoa, a Spanish green energy company, is entering into bankruptcy proceedings this last week has shed light on an issue of extreme concern for the American taxpayer,” Pompeo writes in a letter to Secretary of Energy Ernest Moniz and Secretary of the Treasury Jack Lew, demanding information from the agencies on how they plan on handling Abengoa’s potential failure.
Abengoa began bankruptcy proceedings in Spain last week, and the Spanish news outlet Expansion reported the FFB had $2.34 billion in holding with the failing green energy firm at the end of September. The FFB did not comment on its holdings in Abengoa, so it’s not clear if it still holds more than $2 billion or if it reduced its exposure.