Acciona Energía is considering selling 20% of its renewable fleet
Activate energy explore the possibility of selling 20% renewable fleetwhich the company confirmed when presenting its results for the first half of the year. The company he runs Rafael Mateo received purchase offers totaling 6 gigawatts (GW) its renewable asset base, which at the end of last year amounted to 15 GW located in different regions, including Spain, after announcing an asset rotation plan six months ago.
The company does not intend to implement all of these proposals (some of them undesirable), but approximately2 or 3 GW”, As the Director General of Economy, Finance and Sustainable Development of Acciona Energía reported, Jose Entrecanales, during a conference call with analysts.
Acciona’s objective in rotating assets is to achieve sufficient financial flexibility to achieve its value creation and financial resource targets for the period 2024 and 2025, although it did not want to disclose the financial value of the proposals. According to Europa Press, the 6 GW capacity would represent valuation 5.5 billion euros at market prices.
“We have to limit information on this topic because transactions compete with each other and we must make decisions based on the individual merits of each transaction, determined by strategic feasibility and, above all, price,” said the president of the Acciona group, Jose Manuel Entrecanales. “What I can say is that there is big appetite and that the good quality assets that we expect to be the subject of transactions in next quarter“, he added.
The announcement of these potential operations coincides with sale of 23 hydroelectric power stations in Aragon, Cantabria and Catalonia Elavana Spanish renewable energy company controlled by Japanese company Orix, worth 287 million eurosThis portfolio represents 20% of Acciona Energía’s installed hydraulic capacity and represents an average annual production of approximately 500 gigawatt hours (GWh).
The facilities have a concession period of 23 years and consist of small and medium-sized tank stations (77% of capacity) and flow stations (23% of capacity). The operation is subject to mandatory permission regarding foreign investmentwith closing expected at the end of this year. Acciona Energía expects to receive a capital gain of 170 million euros from the sale.
Impact of electricity price
Axion Energy won 65 million by June84% less than a year earlier, while its gross operating profit (Ebitda) fell 39% to 419 million due to Fall in business contribution in Spain and electricity prices, which resulted in the group earning 75% less than in the same period last year, to 116 million euros.