Document:

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ING LEASE (SPAIN) E.G.C., LTD.                               EXHIBIT 10.7

               FINANCIAL LEASE CONTRACT FOR MACHINERY 900334-FL-0

                                                       Madrid, December 30, 2002

ON THE ONE HAND,

MR. JOSE IGNACIO DEL BARRIO GOMEZ, National Identity Document 28854279-C

ON THE OTHER HAND,

MS. CRISTINA PALENCIA JORGE, National Identity Document 416282-M

MR. JOSE ANTONIO LOZANO MELLADO, National Identity Document 260-0079-K

AND ON THE OTHER HAND,

MR. MIGUEL ANGEL FERNANDEZ MORENO, National Identity Document 51356303-V

                                    APPEARING

a) MR. JOSE IGNACIO DEL BARRIO GOMEZ, National Identity Document 28854279-C, for
and on behalf of the Company CARRIERHOUSE, S.A., Tax Identification Number A-
82232448 with registered office in calle Isabel Collbrand no. 8, Madrid,
recorded in the Madrid Mercantile Register, folio 81, volume 13891, sheet no.
M-227370.

He acts by virtue of power of attorney granted to him in a deed authorized by
the Notary Public Mr. Carlos Perez Baudin, on November 14, 2000, protocol number
3694.

Hereinafter, the financial lessee.

MS. CRISTINA PALENCIA JORGE, National Identity Document 416282-M and MR. JOSE
ANTONIO LOZANO MELLADO, National Identity Document 260-0079-K, for and on behalf
of ING Lease (Espana) E.F.C., S.A., with Tax Identification Number A08350225,
with registered office at Av. Diagonal 605, 9a Planta, Barcelona, RECORDED in
the Barcelona Mercantile Register at folio 164, volume 27034, sheet no. B- 5378,
entry number 104, and in the Special Register for Credit Entities for the Bank
of Spain, with number 4709.

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ING LEASE (SPAIN) E.G.C., LTD.

Authorized to make this grant are MS. CRISTINA PALENCIA JORGE, National Identity
Document 416282-M and MR. JOSE ANTONIO LOZANO MELLADO, National Identity
Document 2600079-K, by virtue of power of attorney granted in their favor on
November 3, 1998, and authorized by the Notary Public Mr. Josep Alfons Lopez
Tena (protocol number 2304), recorded in the Barcelona Mercantile Register,
Volume 29851, Folio 9, Sheet B- 5378, entry 118.

Hereinafter the financial lessor.

MR. MIGUEL ANGEL FERNANDEZ MORENO, National Identity Document 51356303-V, for
and on behalf of ABENGOA, S.A. (in its capacity as guarantor of CARRIERHOUSE,
S.A.) with Tax Identification Number A41002288 with registered office in Avda.
De la Buhaira, no. 2, Seville, by virtue of Special Power of Attorney for these
proceedings granted in his favor and a COPY OF WHICH THE PARTIES ATTACH TO THIS
AGREEMENT AS AN INSEPARABLE PART THEREOF.

Those appearing acknowledge that each other has sufficient legal standing to
enter into this Financial Lease Contract Deed ("lease") pursuant to the
following standard and special conditions that have been duly acknowledged and
accepted by the parties prior to these proceedings.

                               SPECIAL CONDITIONS:

ONE.- PURPOSE

The financial lessee takes a financial lease ("lease") from the financial lessor
of assets owned by the latter, details of which are shown in the invoice, a copy
of which is attached hereto.

TWO.- OWNERSHIP OF THE ASSETS

The assets described above are the exclusive property of the financial lessor,
who grants to the financial lessee by virtue of this contract the right to use
them pursuant to the specifications of the manufacturer of the assets and
pursuant to the conditions established herein.

The financial lessee acknowledges that it has received the assets in perfect
condition and entirely to its satisfaction, being responsible for all expenses
of delivery, return, withdrawal and transport thereof, and likewise the expenses
of assembly, installation and startup.

THREE.- LOCATION OF THE ASSETS

The assets that are the subject matter of this contract are located in the
buildings in Calle Isabel Collbrand, Fuencarral, Madrid, Spain; at number 6
Calle Valgrande, Alcobendas, Madrid, Spain; and in Calle Acero, Barcelona, as
detailed in the note included in the bill of sale.

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The financial lessee must communicate any changes of location of the leased
assets with the financial lessor in writing prior to any such change.

FOUR.- DURATION OF THE CONTRACT

The present contract is valid for the period extending from the present day
until June 30, 2006, at which time it is provided for that, if so desired, the
financial lessee shall be able to exercise the purchase option right conferred
on it, the aforementioned deadline deemed to be fixed and irrevocable, without
prejudice to any early termination thereof on any of the grounds outlined in
this contract.

FIVE.- COST

The contractual price of the financial lease, excluding the residual value or
the sales price in exercising the purchase option right shall be 10,854,063.77
Euros plus the corresponding VAT, without prejudice to interest rate revisions,
to be discussed below.

Under the present contract, the financial lessee is obligated to pay the
financial lessor periodic installments, the initial amounts of which are
detailed in Schedule 1 of this contract. The schedule shows the break down of,
among other items:

a) The portion of each installment that corresponds to the recovery of the cost
of the asset on the part of the leasing agent, excluding the value of the
purchase option, b) the agreed-upon financial charge, and c) the Value-added
Tax.

For each installment to be paid, the financial lessor will remit the
corresponding bill which, once paid by the financial lessee, will constitute
documentary proof of installment payment.

The monetary amount of the first twelve (12) monthly installments will be fixed
and invariable, equal to those specified for each one in the aforementioned
schedule.

The monetary amount of the remaining monthly payments will be variable and will
be calculated anew according to the developments of the EURIBOR interest rate
scale, the operation and functioning of which both parties are acquainted.

The installment payments will be revised annually, with each revision affecting
the installments for the following period.

To this end, on the due date for the last installment payment from the period
prior to that which is to be revised, or on the immediately preceding working
day should the due-date be a holiday or Saturday, the financial lessor will
obtain the current EURIBOR interest rate for that day and communicate the new
installment payments to be made during the next period to the lessee.

For the purpose of the aforementioned, the EURIBOR (Euro Interbank Offered Rate)
is understood as the interest rate promoted by the European Banking Federation
located in Brussels each day as valid for the contracting of deposits in EUROS
and which constitutes the rate at which a primary lending bank is offered 12
month deposits within the area of the European Union by another primary bank.
These rates are published at

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ING LEASE (SPAIN) E.G.C., LTD.

11:00 C.E.T. on page 248 of Telerate and on the EURIBOR01 screen of Reuters two
working days prior to their effective date. To these rates will be added, if
applicable, brokerage expenses or commissions and any other fees, expenses, or
taxes.

"Working day" is defined solely and exclusively herein as a day in which the
TARGET system functions within the interbank market.

If for any period the interest rates cannot be determined in accordance with the
procedure described above, the interest rate offered by the primary banks within
the European Banking Federation in deposits in EUROS will be used in lieu of the
EURIBOR interest rate for a principal amount similar to that of the outstanding
capital repayable under the leasing contract and for a period similar to that
mentioned above.

Should the EURIBOR reference disappear or no longer be published for any reason,
the parties agree to adopt as a substitute index that which is legally
established by the competent authorities in monetary matters within the European
Union, or if applicable, the Bank of Spain or the Ministry of the Economy and
Finance, in that order.

To calculate the monetary amount of the variable installment payments
corresponding to the period being revised, for each installment the amount that
appears in the column marked "Recovery of Asset Cost" from the aforementioned
schedule will be used and added to the financial charges resulting from the
application of the new interest rate to the outstanding capital of the preceding
period. The new interest rate will be equal to the EURIBOR (with the brokerage
expenses and other items mentioned above), plus a margin or differential of 1.10
net percentage points. For this, the following formula will be used:

FORMULA FOR CALCULATING VARIABLE INSTALLMENT PAYMENTS:

                     r
Ci = RCi + CP(i-1) * - ,   where
                     n

Ci         = Installment payment number i.

RCi        = The amount of the recovery of the cost of the asset corresponding
           to payment number i, detailed in the list of payments and outstanding
           capital found in the accompanying schedule.

CP(i-1)    = The outstanding capital pending repayment under the present
           contract once the installment payment prior to installment number i,
           that is, installment number (i - 1), has been paid, as indicated in
           the aforementioned appendix.

r          = (EURIBOR + margin) * 365/360, rounded to the next highest multiple
           closest to 1/8 of one per cent, with EURIBOR and "margin" having the
           definitions given above.

Should the period of interest refer to a leap year, the applicable formula will
be as follows:

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(EURIBOR + margin) * 366/360 , with the same rounding as described above.

n     = number of payments made annually.

To the resulting payments will be added the VAT (or the equivalent applicable
tax), according to the rate in force at that date.

SIX.- FORM OF PAYMENT

The financial lessee will make the payments and pay all other related monetary
amounts in the conditions outlined in point FIVE in the following fashion:

The financial lessor will present the corresponding bill as a direct debit to
the FORTIS BANK branch office located in Calle Jose Ortega y Gasset no. 29, 6th
floor; 28006 MADRID; account number 0167-0216-49-205401101.

SEVEN.- FISCAL REGIME

For the sole purpose of VAT, this contract is hereby considered to be a service
rendered, with the financial lessee being obligated to pay the financial lessor
the legally stipulated tax chargeable for said service at the moment it is due
in the manner and at the rate provided for by law.

EIGHT.- PURCHASE OPTION

The financial lessor concedes the right to the option to purchase the assets
which are the subject-matter of this contract to the financial lessee, who
accepts. This option may be exercised by the financial lessee at the end of this
contract, once the total of all payments detailed herein have been made by their
respective deadlines, by paying a Residual Value tariff of 1 EUR plus the
applicable taxes.

In the case that the financial lessee is interested in exercising, at the proper
time, the purchase option thus conceded, and without this involving any
obligation on the part of the lessee to do so, the financial lessor will present
for payment a bill due on JUNE 30, 2006 for the Residual Value amount of 1 EUR
plus the applicable taxes, which will be considered null and void should the
financial lessee not be interested in exercising his/her right to this option,
subject to a certified notification on the part of the lessee to the financial
lessor at least 30 days prior to the aforementioned deadline.

The payment of the Residual Value does not necessarily presuppose that all
payment installments have been made. In the case that the financial lessee pays
the Residual Value without having previously made each and every installment
payment in this contract along with the applicable fees and taxes, it will be
considered a payment toward the existing debt, such that the purchase option as
described in this clause cannot be thusly exercised.

Should the financial lessee acquire the assets that comprise the object of this
contract exercising the purchase option conceded herein, the lessee thus accepts
from the present

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time the current physical state of the said assets, the lessee having assumed
total responsibility for their maintenance and upkeep.

Should the financial lessee choose not to exercise the purchase option conceded
herein, he or she will proceed to return the assets in good condition and
without more wear than expected from normal use once the period of the contract
has expired and at the location indicated by the financial lessor. The financial
lessee is responsible for all expenses incurred by said return except in the
case whereby both parties mutually decide to formalize a new financial leasing
contract of the same assets in the conditions deemed appropriate by both
parties.

NINE.- COMMISSIONS APPLICABLE TO THE PRESENT CONTRACT

The parties, by mutual agreement, agree to modify in part the commissions
applied to the present contract in the manner indicated below:

      (a)   Arrangement fee: 0.25% of the total amount of the calculated cost of
            the operation, to be paid once only at the beginning of the
            contract, amounting to a sum of 24,999.70 Euros, plus the
            corresponding VAT at the rate currently in force, namely 16%, which
            comes to a sum of 3,999.95 Euros __________________________________
            _______________________________________________

      (b)   Origination fee: 0.20% of the amount corresponding to the
            outstanding capital at the beginning of the contract and 0.20%
            annually on each of the dates agreed upon for the revision of the
            applicable interest rates for the present contract as applied to the
            outstanding capital as of the said dates. This fee will be paid at
            the beginning of the contract and henceforth annually on the dates
            agreed upon in the present contract for revising the applicable
            interest rates. The financial lessee will pay at the beginning of
            the contract the first portion of said fee, i.e. 19,999.76 Euros,
            plus the corresponding VAT at the rate currently in force, namely
            16%, which comes to a sum of 23,199.72 Euros _________________

To those items not modified by the present Specific Condition, the fees to be
applied are those stipulated under the Standard Conditions and in the Brochure
of Tariffs and Commissions included with the present contract.

TEN. DISPUTES

The parties expressly agree that in the event of dispute in relation to the
provisions of these special conditions and the standard conditions attached, the
provisions of the special conditions shall prevail.

ELEVEN. EXPRESS SUBMISSION

Waiving their own forum, the parties submit to the competent jurisdiction of the
courts of the city of BARCELONA the settlement of any dispute between the
parties concerning the interpretation or performance of this contract.

TWELVE - UNDERWRITING

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ING LEASE (SPAIN) E.G.C., LTD.

The company ABENGOA, S.A. underwrites without limitation and jointly and
severally on a global basis and without any restrictions the performance by the
financial lessee of all obligations vis-a-vis the financial lessor contracted by
the lessee as a consequence of the financial lease contract, all of which with
express waiver of the benefits of prior excussio/discussion, order of priority
and division.

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ING LEASE (SPAIN) E.G.C., LTD.
                               GENERAL CONDITIONS

1. NATURE AND PURPOSE OF THIS CONTRACT

The parties accept the stipulations of this contract, within the framework
established by Additional Provision 7 of Law 26/1988 of July 29, and by the
Article 128 of Law 43/1995 of December 27, by which this present financial lease
contract is commercial in nature, and its purpose is the grant of the use of the
assets indicated in the special conditions of this contract, in exchange for
consideration consisting of the periodic payment of the installments specified
therein, including at the end thereof, a purchase option for the financial
lessee.

2. CHARACTER AND TERM

ING Lease (Spain), E.F.C., S.A., hereinafter the financial lessor, recorded at
number 4709 of the Register of Credit Entities of the Bank of Spain, grants to
the financial lessee the use and enjoyment of the assets specified in the
special conditions of this contract, for the time specified in the
above-mentioned special conditions and by means of payment of the installments
specified in Schedule Number 1.

The financial lessor has full ownership by purchase of the assets constituting
this contract and has full legal and beneficial title to them until such time as
such assets are transferred to the financial lessee by exercise of the purchase
option granted to it.

The assets granted under financial lease have been acquired by the financial
lessor in fulfillment of express instructions received from the financial
lessee, which has chosen both the supplier of the assets and the actual assets
being the subject matter of the contract, with the sole and exclusive aim of
proceeding to the granting thereof, the financial lessee declaring that it is
fully in agreement with the receipt of the assets delivered to it.

As a consequence, the financial lessee exonerates the financial lessor of all
liability for any harm it may suffer as a consequence of the inappropriateness,
malfunctioning, breakdown or any other foreseeable circumstance or condition of
the assets acquired by the financial lessor and now assigned in financial lease.
For its part, the financial lessor assigns to the financial lessee all rights
and actions that legally correspond to the purchaser of the above-mentioned
assets by reason of sale-purchase.

This contract shall be for a duration that is equal to the period between the
date of signing hereof and the date on which the exercise of the purchase option
is provided for, such time period being deemed fixed and irrevocable, without
prejudice to the provisions of section b) of Standard Condition 5 and that the
financial lessor may deem it to be terminated in advance in the event of breach
by the financial lessee of its obligations.

3. SPECIAL OBLIGATIONS OF THE FINANCIAL LESSOR AND THE FINANCIAL LESSEE

3.1. OBLIGATIONS OF THE FINANCIAL LESSOR

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The financial lessee acknowledges that the provision of the financial lessor has
been consummated by assignment to it of the use and enjoyment of the assets
acquired by the latter in fulfillment of the instructions of the financial
lessee, without prejudice to the provisions of Standard Condition 5.

Upon completion of the acquisition and assignment of use and enjoyment of the
assets, the financial lessor is exonerated from all obligation within the
framework of the legal transactions which this contract gives rise, without
other exceptions beyond:

a) Ensuring the financial lessee's undisturbed and quiet enjoyment and
uninterrupted possession of the assets making up the subject matter of this
contract, inasmuch as this depends on the financial lessor. Any other
disruptions caused by a third party shall be combated by the financial lessee
either in its capacity as financial lessee and party in possession of the
assets, or in its capacity as assignee of the rights and actions corresponding
to the purchaser of the assets, by virtue of the provisions of the penultimate
paragraph of Standard Condition 2.

b) Transferring ownership of the assets if, pursuant to the contract, the
financial lessee exercises the purchase option right.

3.2 OBLIGATIONS OF THE FINANCIAL LESSEE

a) The financial lessee shall whilst this contract remains in force be obliged
to take custody of, and maintain and keep, at its own expense, the assets making
of the subject matter of the contract in a perfect state of repair and at the
location specified in the special conditions of the contract. To this effect, it
must take whatever measures are necessary with due diligence for the correct
functioning of the assets at all times whilst this contract is in force.

b) The financial lessee may not, save with express and written consent from the
financial lessor, change or replace the pieces or parts making up the assets,
with the sole exception that it does so by means of the use of other pieces or
parts of the same type and brand and from the same manufacturer. It also shall
not relocate the assets to a new address without express written authorization
from the financial lessor.

Any additional elements incorporated in any way to the assets making up the
subject matter of this contract whilst the contract remains in force shall
automatically become the property of the financial lessor, without the latter
conferring on the financial lessee the right to receive financial compensation
of any kind from the financial lessor.

c) The financial lessee commits itself to employ the assets making up the
subject matter of this contract for business or professional purposes and that
the use thereof shall be by the financial lessee itself or by whoever is
expressly authorized by it, in the business, always without prejudice to the
direct liability of the financial lessee vis-a-vis the financial lessor for
improper use, this being defined as a use that is not in accordance with the
nature and design of the assets making up the subject matter of this contract.

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Consequently, the financial lessee may not, without prior written authorization
from the financial lessor, sublease, assign, transfer or in any way subrogate to
any individual or legal entity the rights and obligations arising from this
present contract.

d) From the date of signing of this contract the financial lessee is obligated:

* to arrange at its own expense with a prime insurance company those insurance
policies insuring and protecting the assets making up the subject matter of this
contract that are necessary to ensure against all risks threatening the upkeep
and conservation of the assets, including those of inevitable accident and force
majeure and civil liability arising from the holding thereof or the use thereof
vis-a-vis third parties. For these purposes, the amount of the insurance must
cover, as a minimum, the acquisition value of the assets making up the subject
matter of this contract, including an automatic revaluation clause for the
capital insured to keep it in line with the actual value of the assets.

* To designate the financial lessor as the beneficiary of the insurance
policies.

Notwithstanding the above, the financial lessee assumes vis-a-vis the financial
lessor any liability that may arise for loss, damage or injuries suffered by
persons or things as a consequence of the use of the assets, together with the
risks of damage and full or partial loss of the assets making up the subject
matter of this contract, regardless of the cause thereof, inevitable accident or
force majeure and regardless of whether or not they are covered by the insurance
that the financial lessee is obligated to maintain, and likewise theft, fire,
flood, robbery, despoilment thereof or deterioration or loss thereof or any
other cause.

In the event of a total/full loss, the financial lessor shall receive the
corresponding indemnification, the financial lessee being obligated if necessary
to make up the difference between the indemnification paid by the insurance
company and the total amount of capital pending payment in the transaction. If,
on the contrary, the indemnification is greater than the amount of capital
pending receipt, the excess shall be delivered by the financial lessor to the
financial lessee.

In the event of partial loss, if the assets leased are rendered unusable for the
use for which they are designed, the financial lessee has the option to
terminate the lease contract, from such time as the financial lessor has
received the indemnification and, where necessary, the above mentioned
difference.

* To take out insurance covering all personnel carrying out work in/on the
leased assets.

* To comply with all legal obligations relating to hiring of employees, worker
health and safety etc., in relation to personnel carrying out work in/on the
leased assets.

* To notify the financial lessor within a period of 24 hours of any loss or
damage incurred to the assets, the financial lessee being liable for any loss
that could arise for the financial lessor if it breaches this obligation.

* The financial lessee must justify compliance with the above-mentioned
obligation and insure the assets, by means of sending to the financial lessor a
copy of the insurance

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policy entered into (or of any policies amending or replacing this policy in the
future) and on an annual basis the receipts evidencing payment of the relevant
premiums.

e) The financial lessee must permit the representatives of the financial lessor
to have access at any time to the place where the leased assets are located,
with the aim of checking on their state of use and upkeep, provided that advance
notice is given by the lessor of at least 48 working hours.

f) The financial lessee is obligated to declare, before whoever it may concern,
that the assets making up the subject matter of this contract are owned by the
financial lessor and likewise to take the proper action to defend such ownership
by the financial lessor and to avoid any dispossession in relation thereto. The
financial lessee commits itself to notify within a maximum period of 24 hours of
any challenge there may be to the proper legal title of the financial lessor.

g) The financial lessee commits itself not to contract credits, loans or
obligations of any kind secured on the leased assets, and likewise to refrain
from including the assets making up the subject matter of this contract within
its assets in the event of suspension of payments and to prevent them being
included in the total assets held in the event of bankruptcy.

h) The financial lessee commits itself to make express mention in the title when
constituting any lien that it may arrange over the premises, warehouse or
building where the leased assets are installed that the above-mentioned assets
do not belong to the financial lessee, but rather to the financial lessor, and
therefore under no circumstances can same be affected by any guarantee that is
constituted. However, the financial lessee must notify the financial lessor in
writing of the constitution of the above-mentioned guarantee within a period of
10 days from constitution thereof.

4. PAYMENT ARRANGEMENTS FOR THE FIRST PAYMENT INSTALLMENT

In order to comply with the provisions of Article 128 of Law 43/1995, of
December 27, (which establishes that the annual amounts recovered of the cost of
a redeemable/amortizable asset must remain the same or increase throughout the
period of the contract) if the amount of the first of the lease installments
agreed for the price of the financial lease and indicated in the Special
Conditions of this contract is greater than the rest of the ordinary
installments, the amount of said initial installment, for the purposes of its
declaration by the lessee party as a tax-deductible expense must be distributed
among the installments still to be paid, such that a consistent or increasing
amount is maintained in the figure for recovery of the cost of the asset.

5. BREACH OF THE OBLIGATIONS OF THE FINANCIAL LESSOR AND THE FINANCIAL LESSEE

The parties reiterate that the financial lessor has already fully complied with
its obligations in this present reciprocal contract, and therefore it is not
legally possible to foresee any breach on its part, given that it has carried
out all provisions that it was obliged to carry out, except those of ensuring
that the financial lessee has quiet and

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undisturbed enjoyment of the leased assets and of transferring ownership should
the lessee exercise the purchase option right.

It shall be understood that the financial lessee breaches its obligations in the
following circumstances:

a) If it does not pay when due the periodical installments agreed and the
relevant insurance premiums and taxes that may accrue in relation thereto.

b) If it ceases its normal activities for more than four months within the
course of one year, if it is declared in a situation of suspension of payments,
creditors' arrangement, in bankruptcy or in any insolvency or comparable
situation.

c) If it fails to fulfill any other of the obligations established in this
contract.

6. CONSEQUENCES OF BREACH

Failure to make payment of any one of the periodical installments and other
items when due, where these are payable by the financial lessee, shall cause the
accrual in favor of the financial lessor of late payment interest at the rate
resulting from adding five percentage points to the current interest rate at any
given time of this contract, where variable interest rate transactions are
concerned.

In the case of fixed interest rate transactions, the above-mentioned late
payment interest shall be calculated by adding five percentage points to the
interest rate agreed in the contract itself.

Likewise, for each installment not paid, the financial lessee agrees to pay as
an installment payment return fee, the amount stipulated in the tariff brochure
which is attached to this contract, plus any taxes that may correspond to it.
Such a fee shall be payable on a once only basis and the time of the devolution.

If the financial lessee breaches any of its obligations, and in particular, that
of paying the lease installments, the financial lessor may choose, without
prejudice to the use of any other legal actions, between:

a) Deem the financial lease contract to have expired.

The amount being the subject matter of the claim from the financial lessee shall
be that resulting from adding together the past-due and unpaid installments, the
capital pending of the financial lease and the VAT or equivalent tax, thus
bringing forward the maturity of the amounts that would be paid during the
contractual period still to run. 20 percent of the capital pending repayment on
said date shall be added to the amount resulting from said arithmetic
calculation as a penalty clause.

It is agreed that the amount payable in the event of enforcement shall be the
amount specified in the certificate issued by the financial lessor, deeming to
be past-due, liquid and payable, in its capacity as credit entity, the sum of
the amounts owed, calculated pursuant to the indicated procedure, which shall
accrue the late payment interest agreed in this contract. The financial lessee
may avoid (enervar) the indicated early

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repayment, bringing itself fully up to date in the payment or fulfillment of its
obligations (including payment of late payment interest, notification expenses
and return fee within a period of eight days from receipt of the authenticated
notification.

Likewise the financial lessor may choose to partially execute this present
contract. In this event, and for execution thereof, it must attach the original
thereof to the above-mentioned mandatory certificates and, for clarification
purposes, the amount agreed as liquid and payable shall be that amount that
results from adding together the amount of unpaid installments, with expenses
thereof, return fee and late payment interest.

b) Declare the financial lease agreement terminated.

In this event, the financial lessee shall be required to return the assets to
the financial lessor within a maximum period of eight days calculated from the
receipt of the authenticated notice, instigating the contractual termination. To
this effect, in the event that the financial lessee breaches the obligation to
return the assets, it hereby authorizes the financial lessor to proceed directly
to the withdrawal of said assets. Likewise, the financial lessor may claim from
the financial lessee as a penalty clause 10 percent of the capital pending
repayment on said date, and likewise obviously the past-due and unpaid
installments and any other items that are payable by law.

The financial lessee party may avoid (enervar) the indicated contractual
termination by bringing itself fully up-to-date in payment or performance of its
obligations (including payment of late payment interest, notification expenses
and return fee) within a period of eight days from receipt of authenticated
notice.

At any time, and for any reason, the financial lessor may choose to terminate
the contract, even after having chosen to require performance thereof, on the
understanding that it may not simultaneously exercise both possibilities nor
require termination of the contract once it has obtained performance thereof.

The financial lessee shall be obligated to make payment of any expenses, costs,
royalties, rights and taxes that the financial lessor must pay for exercise of
the above-mentioned rights and actions, both via the courts or out-of-court,
provided the financial lessor has not been guilty of bad faith or abuse of
process in the exercise of its actions.

7. RESTITUTION OF POSSESSION.

Upon the natural termination of the contract, without the financial lessee
having exercised the purchase option right, or any of the grounds for
termination thereof having occurred, the financial lessee shall deliver to the
financial lessor possession of the assets making up the subject matter of the
contract, in a good state of repair and upkeep. Contravening of this obligation
shall entail, in addition to the exercise of any rights corresponding to the
financial lessor by virtue of the provisions of this contract, the obligation on
the financial lessee to pay to the latter, as indemnification for losses or
damages, for each day of delay in delivery, an amount equivalent to double the
amount of the last daily installment that it was obliged to pay.

8. AMENDMENT OF THE CONTRACT OR OF GUARANTEES THEREOF

<PAGE>

ING LEASE (SPAIN) E.G.C., LTD.

Any variation in the contract requested by the financial lessee and accepted by
the financial lessor referring to a change in any of the intervening parties
thereof and early payment of installments, amendment of due dates, or of the
amounts thereof, of payment instrument or any other that involves alteration of
the contractual document initially signed, shall result in the accrual in favor
of the financial lessor of a fee stipulated in the tariff brochure attached to
this contract. For the calculation of said fee, capital pending payment shall be
taken as the figure shown in the Pending Capital column of Schedule Number 1 in
the line immediately prior to the line corresponding to the first installment
being changed, and shall be payable on a once-only basis at the time of the
amendment.

9. EARLY CANCELLATION

Except for the provisions of Special Condition 6 of this contract, early
cancellation hereof is not provided for, given that its duration has been agreed
as fixed and irrevocable, however, in those cases in which at the request - with
reasons - of the financial lessee the financial lessor agrees, the latter shall
charge as early cancellation fee the fee established in the tariff brochure
attached to this contract, a fee that shall be payable at the time the
cancellation is made.

a) Variable interest transactions:

Without prejudice to the fee agreed, in the event that the early cancellation
referred to in the previous paragraph occurs, said early cancellation must
coincide with any one of the dates agreed in this contract for the revision of
the applicable interest rates and the financial lessee must pay the financial
lessor any financial cost, expense or charge borne by the financial lessor as a
consequence of the above-mentioned early cancellation.

b) Fixed interest transactions:

Without prejudice to the fee agreed, in the event that the early cancellation
referred to in the previous paragraph occurred, said early cancellation must
coincide with the due-date of any installment and the financial lessee must pay
the financial lessor any financial costs, expense or charge borne by the
financial lessor as a consequence of the above-mentioned early cancellation. And
in particular, all costs derived from changes in interest rates.

10. COOWNERSHIP AND LIABILITY.

If there are two or more financial lessees, all of them shall be jointly and
severally liable for the obligations arising from this agreement.

11. TAXES

This contract is subject to value-added tax (VAT) by virtue of the provisions of
Law 37/1992 of December 28, and Royal Decree 1624/1992 of December 29. The
financial lessor shall facilitate to the financial lessee within the deadline
and in the manner provided for by law the invoices or as appropriate comparable
or authorized documents of the VAT charged.

<PAGE>

ING LEASE (SPAIN) E.G.C., LTD.

In the event that during the duration of this contract the tax arrangements are
modified, whether on a national, autonomous community or local basis, such
alteration shall be borne by the financial lessee, regardless of its amount,
i.e. by increase or decrease of the amount of periodic installments payable and
the Residual Value amount..

12. VALUATION RULES, EXPENSES AND FEES

The fees that are applicable to this commercial financial lease contract and in
particular those indicated in Standard Conditions Number 6, 7 and 8 of this
contract, can be amended by the financial lessor within the maximum limits
authorized by the Bank of Spain at any given time. By reason of their very
nature, the fees shown in Schedule Number 1 of this contract are excluded from
this amendment, given that they have become due once only at the time of
application or formalization thereof. A brochure with maximum fee tariffs and
chargeable expenses drawn up on normal paper is attached to this contract.

The financial lessor shall communicate amendment of the fees upwards or
downwards, as appropriate, in writing or by publication in any newspaper with a
national circulation.

The financial lessee shall be liable for all expenses and taxes incurred on the
granting of this contract, including underwriting and any other guarantee, the
holding of the assets, their use and the extinction of the legal relation that
is now being initiated, together with expenses, royalties and costs occasioned
to the financial lessor in the defense of its rights and the exercise of legal
actions derived from this contract, including those associated with recovery of
the assets, together with lawyers' and procurators' fees, even where their
intervention is not mandatory.

In relation to valuation rules, these shall be pursuant to the provisions of
Bank of Spain circular number 8/1990 (Official State Gazette Number 226 of
09.20.90).

13. BREAKDOWN OF INSTALLMENT PAYMENTS AND INTEREST RATES

Attached as Schedule Number 1 forming an integral part of this contract is a
breakdown of the various items making up the financial lease installments.

Calculation of the financial charge implicit in each lease installment is
obtained by dividing the nominal interest-rate by the number of installments
accruing in each year, i.e. 12 if the installments are on a monthly basis, 4 if
they are quarterly, etc., and multiplying the results obtained, in percentage
terms, by the capital pending prior to payment of the installment in question,
as shown by the details in Schedule Number 1.

For calculation of the Annual Percentage Rate, the system established by Bank of
Spain circular number 8/1990 (Official State Gazette no. 226 of 09.20. 90) has
been applied.

The Annual Percentage Rate shown in Schedule Number 1 does not include any tax
effect that may favor the financial lessee and nor does it include the expenses
of Public Notary or similar, stamps, expenses of registry or recording, or any
other that the financial lessor may charge to the financial lessee by virtue of
the clauses of this contract, except for the origination and information fee and
the arrangement fee shown in the above-mentioned Schedule.

<PAGE>

ING LEASE (SPAIN) E.G.C., LTD.

The Annual Percentage Rate has been obtained prior to the establishing by the
financial lessee of the exact due-dates for the installments, for which it has
assumed, for the purposes of this calculation, that said installments are paid
per exact periods, assuming likewise, that on the date of signing of the
agreement the necessary funds for acquiring the assets making up the subject
matter hereof are available to the supplier.

14. FINANCIAL INFORMATION

With the aim of complying with Bank of Spain rules, the financial lessee is
obligated to deliver each year to the financial lessor within a period of the
first six months following the close of the accounting year (and whenever
required to do so) all documentation and information necessary to disclose its
economic and financial situation.

15. CONFIDENTIALITY IN THE PROCESSING OF PERSONAL DATA

The persons appearing in this contract authorize the use by the Company "ING
Lease (Espana), E.F.C., S.A." and by the companies of its group of the personal
data used therein, in the manner and with the restrictions provided for in
Organic Law 15/1999 of December 13 on Personal Data Protection and in Royal
Decree 1332/1994 of June 20, Royal Decree 428/1993 of March 26, Royal Decree
994/1999 of June 11, where this does not run counter to the present Law.

Likewise, the financial lessee, from this moment on, consents to the financial
lessor being able to communicate any failure in performance of the payment
obligations taken on that by virtue of this contract, to all public or private
establishments with capacity to centralize this kind of data.

And as a record of all of the above, the specific and standard conditions of
this document being read by the parties, the parties sign it in witness of their
agreement.<PAGE>

                                                                    EXHIBIT 10.8

AMOUNT:      EUR 10,000,000
EXPIRATION:  SEPTEMBER 1, 2006
NUMBER:      2003/FO134

COLLATERAL LOAN AGREEMENT

This Policy is executed in Madrid on March 6, 2003, with the intervention of the
Notary Public of Madrid Mr. Fernando Molina Stranz, being expressly requested by
the parties.

OF THE ONE PART, MR. IGNACIO GOROSTIZA SANTISTEBAN, with National Identity Card
number 799.467-X and MR. AGUSTIN JIMENEZ DE PARGA MASEDA with National Identity
Card number 7.227.464-J, on behalf of FORTIS BANK S.A., SUCURSAL EN ESPANA
(hereinafter referred to as the "Bank"), with registered office in Madrid at
Calle Jose Ortega y Gasset, 29-6 and Tax Identification Number A-0021127-F, duly
empowered to enter into contracts pursuant to the power of attorney deed
executed in their favor on June 7, 2001 before the Notary Public of Brussels,
Mr. Jean-Philippe Lagae, and on file in the Mercantile Register of Madrid in
Volume 10,509, Book 9,039, Folio 205, Section 3, Page 52996, Entry 61, and

OF THE OTHER PART, MR. JOSE IGNACIO DEL BARRIO GOMEZ, with National Identity
Card number 51.343.948-J, on behalf of "CARRIERHOUSE, S.A." (hereinafter
referred to as the "Borrower"), with registered office at Calle Valgrande, 6,
Alcobendas 28108 (Madrid) and Tax Identification Number A-82232448, on file in
the Mercantile Register of Madrid in Volume 13,891, folio 81, Page M-227370,
Entry 1, who states that he is duly empowered to enter into contracts by virtue
of the certificate issued by the Borrower's Board of Directors dated January 23,
2003.

MR. MIGUEL ANGEL FERNANDEZ MORENO, with National Identity Card number
51.356.303-V, on behalf of "ABENGOA, S.A." with Tax Identification Number
A-41002288 (hereinafter referred to as the "SURETY" ). Such company has its
registered offices in Seville, Avda. Buhaira number 2, and was incorporated by
the deed executed by the Notary Public of Seville Mr. Francisco Monedero Ruiz on
January 4, 1941. He states that he is duly empowered to enter into contract by
virtue of the special power of attorney deed executed before the Notary Public
of Seville Mr. Manuel Aguilar Garcia on March 3, 2003 and under his protocol
number 393.

RECITALS

Whereas the Borrower, CARRIERHOUSE, S.A., has requested a Loan from FORTIS BANK,
S.A. SUCURSAL EN ESPANA in the amount of TEN MILLION EUROS (EUR 10,000,000), in
order to finance the partial acquisition of its fixed assets, and which is
granted by the Bank subject to the following

CLAUSES

1.    LOAN AMOUNT

      The Bank hereby grants the Borrower, which accepts, a loan in the amount
      of TEN MILLION EUROS (EUR 10,000,000), delivered by the former to the
      latter in

                        This agreement comprises of 10 pages, numbered 1 through
                        10, all of which are signed and stamped by the
                        intervening NOTARY.

<PAGE>

      this act by crediting the Borrower's checking account number
      0167-0216-49-2054011001 open with the Bank. The Borrower hereby
      acknowledges the receipt of such amount to its entire satisfaction.

      The drawdown made against this Loan shall be allocated to its limit toward
      the settlement of the debit balance pending repayment to the Bank by
      CARRIERHOUSE, S.A., by virtue of the CREDIT FACILITY granted to a maximum
      limit of 13,522,772.35 Euros under the Bank order number 2002/F123 and
      which was executed by the parties with the intervention of the Notary
      Public of Madrid Mr. Carlos Perez Baudin on MAY 16, 2002. As of the date
      of execution of this Agreement, such debit balance amounts to THIRTEEN
      MILLION FOUR HUNDRED AND NINETY THOUSAND THREE HUNDRED AND NINETY SIX
      EUROS AND SIXTY SIX CENTS (EUR 13,490,396.66) plus any interest that may
      have accrued since the last settlement, and which the Borrower hereby
      recognizes as owed to the Bank.

2.    TERM AND REPAYMENT

      2.1   This Agreement, that is to take effect on the date hereof, shall be
            valid through SEPTEMBER 1, TWO THOUSAND AND SIX (2006) (hereinafter
            referred to as the "Final Expiration" date), without prejudice to
            possible termination or cancellation referred to herein.

      2.2   The principal of this loan shall be repaid as from APRIL 1, 2003 in
            FORTY TWO (42) CONSECUTIVE MONTHLY INSTALLMENTS OF TWO HUNDRED AND
            SEVEN THOUSAND THREE HUNDRED AND SEVENTEEN EUROS AND SEVEN CENTS
            (EUR 207,317.07) EACH, with the exception of the last installment
            that shall be ONE MILLION FIVE HUNDRED THOUSAND EUROS AND THIRTEEN
            CENTS (EUR 1,500,000.13). These shall be paid on each of the
            following dates, whereby the Borrower is obliged to credit the Bank
            on such date with the quantities indicated as principal, in
            accordance with the payment schedule set forth below:

<TABLE>
<CAPTION>
                                                                          TOTAL
                                                       AMOUNT OF       INSTALLMENT         CAPITAL
                   REPAYMENT DATE     REPAYMENT     INTEREST FIRST     AMOUNT FIRST        PENDING
INSTALLMENT NO.    DAY 1 OF: (*)       AMOUNT            YEAR             YEAR            REPAYMENT
-----------------------------------------------------------------------------------------------------
<S>                <C>               <C>            <C>                <C>               <C>
1                  April 2003        207,317.07       26,137.22         233,454.29       9,792,682.93
2                  May 2003          207,317.07       29,533.10         236,850.17       9,585,365.86
3                  June 2003         207,317.07       29,871.46         237,188.53       9,378,048.79
4                  July 2003         207,317.07       28,282.63         235,599.70       9,170,731.72
5                  August 2003       207,317.07       28,579.31         235,896.38       8,963,414.65
6                  September 2003    207,317.07       27,933.24         235,250.31       8,756,097.58
7                  October 2003      207,317.07       26,406.93         233,724.00       8,548,780.51
8                  November 2003     207,317.07       26,641.09         233,958.16       8,341,463.44
9                  December 2003     207,317.07       25,156.46         232,473.53       8,143,146.37
10                 January 2004      207,317.07       25,348.94         232,666.01       7,926,829.30
11                 February 2004     207,317.07       24,702.86         232,019.93       7,719,512.23
12                 March 2004        207,317.07       22,504.74         229,821.81       7,512,195.16
</TABLE>

<PAGE>

<TABLE>
<S>                <C>               <C>            <C>                <C>               <C>
13                 April 2004        207,317.07                                          7,304,878.09
14                 May 2004          207,317.07                                          7,097,561.02
15                 June 2004         207,317.07                                          6,890,243.95
16                 July 2004         207,317.07                                          6,682,926.88
17                 August 2004       207,317.07                                          6,475,609.81
18                 September 2004    207,317.07                                          6,268,292.74
19                 October 2004      207,317.07                                          6,060,975.67
20                 November 2004     207,317.07                                          5,853,658.60
21                 December 2004     207,317.07                                          5,646,341.53
22                 January 2005      207,317.07                                          5,439,024.46
23                 February 2005     207,317.07                                          5,231,707.39
24                 March 2005        207,317.07                                          5,024,390.32
25                 April 2005        207,317.07                                          4,817,073.25
26                 May 2005          207,317.07                                          4,609,756.18
27                 June 2005         207,317.07                                          4,402,439.11
28                 July 2005         207,317.07                                          4,195,122.04
29                 August 2005       207,317.07                                          3,987,804.97
30                 September 2005    207,317.07                                          3,780,487.90
31                 October 2005      207,317.07                                          3,573,170.83
32                 November 2005     207,317.07                                          3,365,853.76
33                 December 2005     207,317.07                                          3,158,536.69
34                 January 2006      207,317.07                                          2,951,219.62
35                 February 2006     207,317.07                                          2,743,902.55
36                 March 2006        207,317.07                                          2,536,585.48
37                 April 2006        207,317.07                                          2,329,268.41
38                 May 2006          207,317.07                                          2,121,951.34
39                 June 2006         207,317.07                                          1,914,634.27
40                 July 2006         207,317.07                                          1,707,317.20
41                 August 2006       207,317.07                                          1,500,000.13
42                 September 2006    1,500,000.13                                                   0
</TABLE>

With the exception of the first year, these installments are comprised solely of
capital. The interest shall accrue and be paid as set forth in Clause 3 below.

(*) or the immediately subsequent business day.

3.    INTEREST:

      3.1   The Loan shall accrue interest in the Bank's favor on the amount
            pending repayment at any time, starting on the date of this
            agreement and until the sums owed by the Borrower are effectively
            returned to the Bank in accordance with the contents of Clause 2.
            Such interest shall accrue daily on the basis of a 360-day year, in
            accordance with the following formula:

INTEREST = AMOUNT PENDING       NOMINAL INTEREST        DAYS OF THE
           REPAYMENT        X   (%)                X    SETTLEMENT        PERIOD
           ---------------------------------------------------------------------
                                         360 X 100

      3.2   In order to determine the interest rate applicable at all times,
            this Loan is deemed to be divided into "Interest Periods" with
            respective durations of one year each, and each successive period
            shall commence the day after the conclusion of the preceding one. As
            an exception, the last Interest Period shall end on the date of the
            Loan's Final Expiration or early cancellation.

            Such interest shall be settled and paid monthly by the Borrower to
            the Bank on the same dates envisaged for repayment of the capital,
            which are set forth in Clause 2 above.

<PAGE>

            It is hereby established that for the first Interest Period which,
            as an exception, commences on this date and ends on MARCH 1, 2004,
            the interest rate shall be THREE POINT SIX HUNDRED AND NINETEEN
            PERCENT (3.619%). (Equivalent Annual Rate (T.A.E.) 3.6796% as per
            Bank of Spain Circular 8/1990 dated September 7).

            From March 1, 2004 onwards, the annual interest rate to be applied
            shall be variable for each Interest Period in question and
            calculated by adding to the EURIBOR one-year rate a fixed Margin or
            Differential of ONE POINT TWENTY FIVE PERCENT (1.25%) PER ANNUM.

            For the purpose of this agreement, the European Interbank Market
            Interest Rate (EURIBOR) is understood to mean the European interest
            rate for one year deposits of an amount equal or similar to the
            capital pending repayment to Bank by Borrower, published on the
            REUTERS EURIBOR 01 SCREEN AT ELEVEN O'CLOCK IN THE MORNING (11:00
            A.M.) MADRID TIME, as of the date on which each successive Interest
            Period commences. Such rate shall be expressed as a percentage of
            interest per annum. Any expenses, commissions and brokerage fees
            charged by the intermediaries that usually take part in this type of
            transaction, plus the Value Added Tax that may be levied on the
            intermediary's participation, shall also be added to the interest
            rate resulting from the aforementioned transaction, together with
            any tax, expense, commission or brokerage fee that may be directly
            or indirectly levied upon, caused or replaced by or added to the
            preceding ones.

            SUBSTITUTIVE INTEREST RATE: If for any reason it is impossible to
            determine the European Interbank Market interest rate as defined in
            the preceding paragraphs, a substitute interest rate consisting of
            the addition of the aforementioned differential to the arithmetic
            mean (average) of Reference Bank interest rates shall be applied.
            Reference interest rates are understood to be those applied by the
            Reference Banks on the fifth day of each calendar month to private
            sector clients on all types of three-month credit transactions, as
            quoted by the Reference Banks to the Bank of Spain at the time at
            which the substitutive interest rate is to be set. The Reference
            Banks are: Banco Popular Espanol, Banco Bilbao Vizcaya Argentaria
            and Banesto.

            If at any time one or more Reference Banks fail to notify their
            reference interest rates to the Bank of Spain, the arithmetic mean
            of those that have duly notified it to the Bank of Spain shall be
            used to calculate the reference interest rate. If only one of the
            Reference Banks has notified its rates then this shall be taken as
            the applicable reference rate.

            As soon as the circumstances giving rise to the application of the
            substitutive interest rate have ceased, the new European Interbank
            Market interest rate in force shall again be applied to any new
            drawdowns made thereafter.

      3.3   On the first business day of each new Interest Period the Bank shall
            notify the Borrower of the new EURIBOR interest rate applicable for
            the said period prior to twelve a.m on that day.

<PAGE>

            The Borrower shall in turn notify the Bank by facsimile or mail,
            prior to three p.m. on the first day of the new Interest Rate and by
            means of the document signed and drafted in accordance with Schedule
            I, whether it accepts or rejects such rate based on the interest
            rate applicable on the EURIBOR Market. If for any reason, including
            force majeure, the Bank fails to receive the said notice from the
            Borrower without just cause prior to the indicated time, it shall be
            fully understood that the Borrower accepts the interest rate
            applicable on the European Interbank Market for that period.

      3.4   Any modifications to interest rates shall be applied automatically
            at the start of each interest period. If the Borrower rejects the
            interest rate notified by the Bank without just cause, it should
            repay the total amount of the loan to the latter on the date of
            interest rate renewal.

      3.5   The Borrower may prepay upon the expiration of any Interest Period,
            provided that this is done in multiples of ONE THOUSAND EUROS. Such
            partial or total prepayment shall in all cases be applied to reduce
            the redemption installments set forth in Clause 2 above, and under
            no circumstances may the Borrower draw the capital that has been
            prepaid in this manner. Prepayment shall not incur any type of
            penalty.

      3.6   This transaction is subject to regulations on actions with clientele
            established by Ministerial Order dated December 12, 1989 and
            regulated by Bank of Spain Circular 8/1990 dated September 7.

4.    FEES:

      4.1   The following fee is payable in relation to the granting of this
            loan: ZERO POINT TWENTY FIVE PERCENT PER ANNUM (0.25%) on the
            quantity of the loan pending repayment to the Bank. Such amount
            shall be paid by the Borrower on the date of execution of the
            agreement and each of the successive anniversaries thereof, and the
            Bank is empowered to obtain payment by debiting the Borrower's
            checking account.

5     PAYMENT

      5.1   On any date that the Borrower must pay any amount under the
            Contract, without the need for the Bank to issue any demand at all,
            it shall pay the amount owed on the day in question at a branch of
            the Bank which shall be credited in the Loan account referred to in
            Clause 11 below.

      5.2   In addition, and without prejudice to the above, the Borrower hereby
            irrevocably empowers the Bank to apply the payment of any amount
            owed to it by the Borrower under this Contract, any balance or
            balances that may exist in favor of the Borrower with the Bank
            (whether at its head office or any of its branches) proceeding from
            any type of accounts or deposits, as well as any amount or Loan
            belonging to the Borrower or that is in the power of the Bank or
            that the latter must satisfy. For this purpose, the Borrower also
            irrevocably empowers the Bank to carry out any credit or debit
            operations, foreign currency exchanges or acts that

<PAGE>
            may be necessary in applying the said balances and credits for the
            payment of the amounts owed.

      5.3   Those payments made by the Borrower shall go to pay off the amount
            owed in the following order: 1) commissions, 2) default interest, 3)
            taxes, 4) expenses 5) damages, 6) legal costs, 7) normal interest,
            and 8) the loan principal.

6     TAXATION AND EXPENSES

      6.1   The Borrower shall pay all taxes, fees, brokers' fees, customs
            duties, stamp duties, and any other tax or expense of any other
            nature that the preparation, entering into and fulfillment of this
            Contract may entail. At the same time, and provided always that a
            final judgment exists, it shall repay to the Bank all the expenses,
            including the fees and expenses of lawyers and procuradores, which
            the Bank may incur in defending or enforcing its rights hereunder
            due to any breach of contract by the Borrower.

      6.2   All amounts that the Borrower must pay to the Bank by virtue of this
            Contract must be paid in full without any deduction or retention at
            all. If for any reason the Borrower is obliged to make a deduction
            or retention, except in the event that such obligation was imposed
            by law on the Bank as recipient, it shall do so. However, it shall
            pay to the Bank those additional amounts that are necessary to
            ensure that the Bank receives a net amount equal to that which it
            would have received if such a deduction did not have to be made
            except where such an obligation is imposed on the bank as recipient
            by law or by an act of a competent administrative authority.

7.    DELAY IN THE FULFILMENT OF OBLIGATIONS

      7.1   Without prejudice to the Bank's rights under Clause 8, if the
            Borrower delays in the fulfillment of any of the payment obligations
            under this Contract for whatever reason, even where it is not the
            Borrower's fault, except where the delay is the fault of the Bank,
            it shall pay to the Bank default interest, without prejudice to any
            other liability which it may have as a result of such breach.

            The default interest rate shall be calculated by adding 2 percentage
            points (2%) to the interest rate defined in Clause 3 above, plus the
            margin agreed by the parties hereto.

            The default interest rate shall accrue on a daily basis and shall be
            paid on the basis of a 360-day year, on the overdue amounts, from
            the date on which payment should have been made and until the date
            of actual payment in full.

            Default interest shall be paid at the end of each month after the
            delay commences and in any even on the date when the delay ends.

<PAGE>

      7.2   The Borrower shall be liable for all loss and damage with the
            exception of indirect damage and loss of profit that are incurred by
            the Bank arising from the need to establish, take, renew or cancel
            third party deposits, in the event of the breach by the Borrower of
            any of its obligations hereunder.

      7.3   For the purposes of Article 317 of the Spanish Commercial Code, the
            Bank may capitalize on a monthly basis interest due that remains
            unpaid, whether normal or default interest, which will in turn give
            rise to further interest payments, at the default rate referred to
            in Clause 7.1.

8.    LOSS OF GRACE PERIOD

      8.1   The Borrower shall lose the grace period if it breaches, for any
            reason, any of the obligations contained in this Contract following
            the granting in writing to the Borrower of a period of five days to
            make good any previous breach, except for any breach regarding
            payment. In the latter case, the Bank may terminate forthwith this
            Contract, and demand repayment of all amounts relating to the
            principal, interest, commission, or any other amount owed to it by
            the Borrower.

            At the same time, the Bank may declare due and payable all amounts
            that are owed by the Borrower for any other reason or under any
            other contract.

            By way of exception, in the event of the first failure to pay a
            monthly amount, in order for the Bank to be able to terminate this
            Contract it must send a demand for payment to the Borrower by
            burofax, telegram or notarial document, and grant the latter an
            additional period of ten days, such period to run from receipt of
            the demand, the Borrower having failed to make the said payment.
            This obligation to notify shall apply to failure to pay once during
            every twelve month period of the Contract.

      8.2   In addition, given that the present Contract has been entered into
            on the basis of the current solvency of both the Borrower and the
            Surety, if the solvency of either should deteriorate markedly during
            the duration of the Contract the Borrower shall also lose the
            benefit of the grace period and the Bank may require immediate
            payment of all amounts of whatever nature that are owed to the Bank,
            without acceptance by the Bank of any subsequent acts by the
            Borrower in fulfillment of its contractual obligations being
            interpreted as a waiver of its rights contained in this Clause,
            which it may exercise at any time while the deterioration of the
            solvency of the Borrower or the Surety is continuing.

      8.3   Additionally, in the event the Borrower has disposed of the assets
            listed in Clause 12 below, or otherwise, does not constitute a
            pledge as agreed in such Clause 12 below, upon the request of the
            Bank to such extent, the BANK shall be entitled to claim the prompt
            refund of all the amounts owed thereto under this document, for any
            reason, and, in any event, to terminate this Agreement and claim
            such amounts from the Borrower or the Joint Guarantor

<PAGE>

9.    OTHER OBLIGATIONS OF THE BORROWER

      9.1   The Borrower undertakes to maintain insured all of its property that
            is essential for carrying out the object of the business. Further,
            it shall pay in time all the premiums and fulfill the remaining
            obligations contained in the insurance policy. In particular, it
            shall not make any company other than Fortis Bank SA, Branch in
            Spain a beneficiary of the goods set forth in Clause 12 below.

      9.2   The Borrower shall inform the Bank immediately and in any event
            within a period of not more than three days if any of the situations
            take place that are provided for in the above clauses or other
            situations not mentioned therein, but whose effect was the
            significant reduction in its solvency.

      9.3   The Borrower undertakes to fulfill punctually all of its obligations
            concerning tax and social security.

10.   LOAN ACCOUNT

      10.1  For the purposes of the present Loan Contract, the Bank will open an
            account in the Borrower's name in which all matters referring
            thereto shall be entered. In the `Credit' section of that account
            shall be stated all of the amounts which for any matter in relation
            to this Contract the Borrower pays to the Bank. In the `Debit'
            section shall be stated all of the amounts that, for any of the
            matters referred to in this Contract, the Borrower owes to the Bank.
            The said account shall indicate at any given moment the amounts that
            the Borrower owes to the Bank.

      10.2  Once the due date has expired or, where appropriate, the contract
            has been terminated and the Borrower (or its sureties) have failed
            to comply with their payment obligations following receipt of a
            demand for that purpose the Bank may commence an action to enforce
            its rights under Article 517 of Law 1/2000 of Civil Procedure (Ley
            de Enjuiciamiento Civil).

      10.3  For the purposes of Article 572 of Law 1/2000 of Civil Procedure
            (Ley de Enjuiciamiento Civil), it is expressly agreed by the parties
            hereto that the demandable amount in the event of enforcement will
            be that resulting from the settlement carried out by the Bank in the
            manner agreed by the parties in this Contract and for that amount
            stated in the balance of the Account on the day of closure. In this
            regard, for the purposes of enforcement it shall be sufficient to
            file the documents required under Law 1/2000 of Civil Procedure,
            together with the certification specified in Article 517 of the said
            Law 1/2000, and the delivery of a statement of final settlement
            issued by the Bank of the balance owed by the Borrower, contained in
            a notarised document that states that the liquidation of the debt
            has been carried out in the manner provided for by the parties to
            the Contract.

<PAGE>

11.   REPRESENTATIONS OF THE BORROWER

      11.1  The Borrower warrants that all the data, documents, and information
            that it has supplied to the Bank which have been relied on by the
            latter when deciding to enter into this Contract are true and
            correct, and in addition they have not substantially changed in the
            time elapsing between their delivery to the Bank and the signature
            of this Contract. If this is not the case the Borrower shall be
            deemed to have breached one of its essential obligations under this
            Contract.

12.   PROMISE OF REGISTERED CHARGE WHILE RETAINING POSSESSION

      12.1     In guarantee of the obligations hereunder, without prejudice to
               its unlimited personal liability, and without prejudice to any
               other guarantee already or subsequently entered into, in
               accordance with the provisions of Law dated 16 December 1954
               developed by Royal Decree dated 17 June 1955 the Borrower
               undertakes irrevocably to execute a Public Deed or a Charge while
               Retaining Possession (Poliza de Prenda sin Desplazamiento) (`the
               Charge') in the Bank's favor within a period of three days from
               the date on which the same was formally demanded by the Bank. The
               Bank may make such a demand at any time during the term of this
               Contract, without the need to state any grounds at all for so
               doing, in order to guarantee the loan, in particular the
               Borrower's obligations as regards the payment of principal and
               interest, whether normal or default, up to the amount of the
               security offered.

      12.2     The Charge in question shall be over the properties situated in
               Alcobendas, Madrid, C/Valgrande 6, owned by the Borrower, being
               the following:

      12.2.1   Installations 22200045 - 11/2000/12/0599 Sainco, whose value at
               the date hereof amounts to 450,094 euros.

      12.2.2   Installations 22200047 - 20001219020027550 Iberdrola, whose value
               at the date hereof amounts to 452,153 euros.

      12.2.3   Installations 22200063 - C-0057/01 Carrierhouse, whose value at
               the date hereof amounts to 76,105 euros.

      12.2.4   Installations 22200073 - C-0111/01 Carrierhouse, whose value at
               the date hereof amounts to 6,987,588 euros.

      12.2.5   Installations 22200096 - C-0078/02 Carrierhouse, whose value at
               the date hereof amounts to 57,883 euros.

      12.2.6   Installations 22200103 - C-0104/02 Carrierhouse, whose value at
               the date hereof amounts to 14,573 euros.

      12.2.7   Installations 22200106 - C-0108/02 Carrierhouse, whose value at
               the date hereof amounts to 1,958,674 euros.

<PAGE>

      12.3     The above-mentioned assets are insured under an Insurance Policy
               with number 0807/100095 issued by the Belgian insurance company
               ACE INSURANCE SA NV with Tax Identification Number (NIF)
               A-0021149-J and the Borrower shall appoint the Bank as the
               beneficiary of such insurance policy following receipt of the
               first demand issued by the Bank so requesting this.

      12.4     The refusal of the Borrower to enter into the Charge including
               the requirements referred to above shall lead to the loss of the
               grace period referred to in Clause 8 above. All of the expenses
               and taxes resulting from the execution of the Charge shall be
               paid by the Borrower, in particular the notary and registration
               fees, as well as those of a taxation nature that may be
               applicable.

13.   SURETYSHIP

      13.1     Mr. Miguel Angel Fernandez Moreno, present in this act for and on
               behalf of ABENGOA S.A., whose personal details are stated on the
               first page hereof, jointly and severally guarantees with the
               Borrower the fulfillment of each and every obligation of the
               Borrower hereunder, without prejudice to the unlimited personal
               liability of the Borrower and without prejudice to any other
               guarantee, whether from Abengoa S.A. or another third party, that
               may be entered into in the future. In particular, he guarantees
               all payment obligations, whether of principal, ordinary or
               penalty interest, commissions and expenses that could arise under
               this loan. As a result, Abengoa S.A., as joint and several surety
               undertakes to fulfill, while the present loan is not totally
               unsatisfied, each and every one of the Borrower's obligations
               hereunder, and expressly waives the right to excussio (surety's
               right not to be obliged to pay while the debtor can cover the
               amount owed), and the right of priority and division, all of the
               above in accordance with the provisions of Articles 439 et seq of
               the Commercial Code, and Articles 1144, 1822, 1831 and 1837 and
               related provisions of the Civil Code.

      13.2     The Surety expressly agrees that this suretyship shall not be
               prejudiced by the postponements or extensions that the Bank may
               grant to the Borrower, nor for the division of the debt or
               payment on account that the Bank may make before or after the due
               date. When the obligations hereunder are demandable the Bank may
               reclaim the amount from the Surety jointly and severally or
               alternatively enter it as a debt in the accounts which it
               maintains, in its own name or together with others.

14.   APPLICABLE LAW AND JURISDICTION

      14.1     This contract shall be governed by Spanish law.

      14.2     The parties to the Contract expressly waive any right that they
               may have to any other jurisdiction and hereby agree to submit to
               the courts of Madrid for the resolution of any issues that may
               arise in relation to this Contract.

15.   VARIOUS

<PAGE>

      15.1     For the purposes of this contract, working day shall mean a day
               on which banks are generally open to the public and in Madrid to
               carry out operations with deposits in euros. Saturday shall not
               be considered to be a working day.

      15.2     Any period that ends on the date that is not a working day shall
               be carried over to end on the next working day, except where the
               next working day is not in the same month, in which case the last
               working day of the month in question shall apply.

      15.3     The parties expressly agree that in the situations provided for
               in this Contract, correspondence by telegraph, or by telex or
               telefax shall have binding effect without the need for the
               notices to contain any type of conventional key or sign. This
               shall apply except in those cases where such notification could
               lead to a loss of the grace period, in which case it shall be
               necessary for such notification to be in one of the following
               forms: telegram, burofax, or notarial document.

      15.4     The parties' addresses for the service of demands, and other
               notifications and communications, whether court or non-court, are
               those set forth in the heading of this Contract.

      15.5     Any change to the address for service or telex or telefax numbers
               shall have no effect unless and until it is notified in a
               notarised document to the other party.

16.   LEAFLET OF CONDITIONS

The commissions and expenses arising under this Contract, together with the
conditions of valuation, are detailed in the specific leaflet held by the Bank
which is at the disposal of its clients. The Bank may amend the terms of the
leaflet informing the Borrower by way of:

      A)    Publication on the notice board of the Bank; if the Borrower does
            not make known to the Bank its opposition to such changes within two
            (2) months, they shall be deemed to be fully accepted, or
            alternatively

      B)    Individualized information to the Borrower; the latter is deemed to
            accept the changes unless it opposes them within a period of fifteen
            (15) days.

17.   NATURE OF THE CONTRACT

The present contract is of a commercial nature, and constitutes a normal and
typical operation of the Bank, for which reason it is expressly requested that
it is not subjected to Capital Transfer Tax (Impuestos sobre Transmisiones
Patrimoniales), being subject to VAT, although exempt therefrom.

And in compliance with the above the parties hereby sign this Contract in four
counterparts in the place and on the date stated in the heading hereof, and with
the intervention of the Notary public who authenticates the content hereof as
well as the

<PAGE>

legal capacity of the parties and the legitimacy of the signatures of the
contracting parties.

Signed

The Bank                                            The Borrower

Signature illegible                                 Signature illegible

The Surety                                          Seal of Notary Public
                                                    Fernando Molina Stranz
                                                    Signature illegible

<PAGE>

SCHEDULE I

FORTIS BANK SA Branch in Spain
Calle de Jose Ortega y Gasset 29
Madrid 28006                                      In......on.... of........ 20..

Dear Sirs

In accordance with the provisions of Clause 3 of the loan agreement for the
principal sum of TEN MILLION EUROS, entered into by yourselves the Bank and
ourselves the Borrower, and dated ...... of .................. 2003, we confirm
our acceptance of the proposed interbank interest rate of .... percent (...%)
relating to the period of interest from .... of .... of 20.. to the ... of
........... 20.. and whose payment shall be made, together with the amount
corresponding to the repayment of the capital, in accordance with the terms
agreed in the Contract.

Yours faithfully

The Borrower

                                                    Seal of Notary Public
                                                    Fernando Molina Stranz

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