Barcelona: Abengoa went from fixing electrical installations in war-torn Spain in the 1940s to building the world's largest solar power plant in the US -- a remarkable success story until its uncontrolled growth pushed it to the brink of bankruptcy.

The pride of Spanish industry the renewable energy giant was due Wednesday to present a debt restructuring plan that will seize control of the firm from the family which for the past 75 years staged one of Spain's biggest business ventures.

It is an unexpected ending for a company which just six years ago was praised by US President Barack Obama after it announced it would build the world's biggest solar plant in Arizona.

At the time the company was a global leader in cutting edge sectors like biofuels and solar thermal energy and it posted a net profit of 207 million euros ($230 million) on an annual turnover of 5.5 billion euros.

"It was a big multinational focused on renewable energy and with a production model based on technological innovation. It was an extremely attractive model" Carlos Sebastian a former Abengoa board member between 2005 and 2011 told AFP.

"But it grew at an absolutely excessive pace and based in addition on indebtedness" added Sebastian who left the board of the company in 2011 due to disagreements with the president of the company at the time Felipe Benjumea.

- From Seville to world -

The company was founded by Felipe's father Javier Benjumea who lost his own father at the age of 13 and four of his friends in the southern city of Seville.

It was dedicated at the time to fixing electrical installations in the region.

"He went around on a bicycle or motorcycle around all of Seville with pliers in his hand fixing electrical installations" his biographer Javier del Hoyo told AFP.

Spain at the time was ravaged by the country's 1936-39 civil war and Abengoa found steady work.

In 1949 the company was awarded a contact to electrify Spain's railway which has headed at a time by one of Javier Benjumea's uncles.

After that the company -- which had solid connections with the right-wing dictatorship of General Francisco Franco -- grew spectacularly.

Turnover grew from 45 million pesetas the former Spanish currency in 1950 to 4.9 billion pesetas in 1970 as the firm took on projects in Latin America and entered new sectors like water management telecommunications and transportation.

When Javier Benjumea in 1991 passed the reins of the company to his son Felipe Abengoa had over 100 subsidiaries and 7000 employees.

King Juan Carlos honoured him by giving him the title of marquis.

But the best years were still to come. Under Felipe Benjumea Abengoa was transformed from a firm that operated mainly in Spain into an innovative multinational with 24000 workers and most of its activity centred in the United States and Brazil.

"It was a great feat on the part of Felipe Benjumea but like everyone who is successful he was too impulsive and didn't listen" said Sebastian.

- The fall -

The risky bet on unprofitable biofuels Spain's cuts to renewable energy subsidies during a sharp economic downturn and the Benjuema family's refusal to raise Abengoa's capital out of fear of losing control of the company pushed it to the edge of bankruptcy.

Abengoa which ended 2015 with a debt of 9.4 billion euros announced in November that it was filing for preliminary creditor protection in Spain.

To save the family business the Benjumea family will have to give it up remaining with a small stake of just 2.5 percent marking the fall of a lineage that was widely respected in Seville.

"To talk in Seville of industry is to talk of Abengoa" said Miguel Rus presidente of the business confederation of Seville.

Abengoa's turnover is "ten times bigger than that of any other company in the region" added Luis Montoto economics editors of local newspaper ABC de Sevilla.

Highly discreet Felipe Benjumea -- who stepped down as head of Abengoa in September -- never granted media interviews.

He is under investigation for serious mismanagement and is criticised even by board members who used to praise him for taking a compensation package of 11 million euros.

Economy Minister Luis de Guindos said it was "not very ethical" to collect the sum.

AFP