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Spanish economy 22nd February 2022

More Than 516,000 People With Disabilities Worked In Spain In 2020, The Highest Figure In History

With the latest official data published by the National Institute of Statistics on the employment of people with disabilities in Spain, the Randstad Foundation has calculated that in 2020 there were in the country 1.93 million people with disabilities of working age (16 to 64 years), reaching 6.3% of the total population in that age group. This figure is the highest since 2014 and has had a growth of more…

Spanish economy 21st February 2022

A valuation of €3 billion is being put on Repsol’s renewables arm (15x Ebitda)

Renta 4 | The official period for JP Morgan to receive non-binding offers for up to 25% of the capital finished on February 7, after a book was drawn up where the perimeter of the renewable subsidiary’s assets were finalised. Two combined cycle plants with some 1.600 MW have been excluded. Repsol (REP) has 700 MW in operation in hydroelectric plants, which it inherited from Viesgo, after it bought a…

Spanish economy 18th February 2022

Ferrovial could earmark $1 Bn to build the new terminal at JFK airport

Renta 4 | Ferrovial, along with its partner Carlyle, could invest 1 billion dollars (approximately 880 million euros and accounting for 7% of the group’s construction portfolio) to build the new terminal at New York’s JFK airport. The concession period would last until 2060 and Ferrovial-Carlyle would hold 51%, according to the news. Valuation: Positive news, both at the quantative level (the size of the project) and the qualitative level (the…

Spanish economy 17th February 2022

Repsol Records Profit Of €2.454 Billion; Proposes A Dividend Of €0.63 Per Share

Link | Repsol today presented its results for the 2021 financial year, of which we highlight the following aspects: -Revenues reached EUR 52.13 billion, an improvement of 49.1% year-on-year, and slightly higher (+1.2%) than the FactSet consensus estimate. – EBITDA in CCS terms (at replacement cost) reached EUR 7.071 billion (+73.1% y-o-y; +6.8% consensus). -Adjusted net profit, which measures the performance of the businesses, reached EUR 2.454 billion in 2021,…

Spanish economy 17th February 2022

ACS reactivates sale of the renewable assets included in Zero-E (some € 1Bn)

Renta 4 | ACS could sell its renewables subsidiary Zero-e after the Easter break. This is a firm with 2.900 MW in operation and development. The value of the deal, according to the press, could be around 1 billion euros. And the transaction could mean ACS will give up control of the company. Valuation: There are no details on the assets which are currently under manangement or on the portfolio…

Spanish economy 16th February 2022

Have House Prices In Europe Peaked?

Mathias Pleissner (Scope) | House prices in Europe may have peaked during the pandemic. The 10.6% price increase in the 12 months to the third quarter of 2021 may have been the final sprint. The last time prices grew by double digits was in 2017, a year before they plunged 15%.House prices continued to be driven by ultra-low interest rates, a lack of investment opportunities, historically high household savings levels…

Spanish economy 16th February 2022

Técnicas Reunidas, along with TSK and Siemens Energy, wins €310 M contract to develop two combined cycle plants in Mexico

Renta 4 | Técnicas Reunidas, in a consortium with TSK and Siemens Energy, has won a contract to develop two combined cycles in Mexico. The contract was awarded by the state-owned entity Comisión Federal de Electricidad de México. Last week, it awarded the consortium formed by Técnicas and TSK the construction of another two combined cycle plants. The contract is worth 337 million dollars (310 million euros) and includes the…

Spanish economy 16th February 2022

The Frantic Pace In The Renewables Sector Goes On: ICO Also Invests In It Through Its Venture Capital Fund

Renta 4 | The private equity fund of the Spanish public credit institution ICO, Axis, has commited to invest 30 million euros in Everwood Renewables Europe V FCR, the fifth clean energy investment vehicle raised by the management company Everwood Capital. The European Investment Fund, part of the European Investment Bank (EIB), has also entered into this investment. In December, the European Union body pledged to invest 50 million euros….

Spanish economy 15th February 2022

Ministry for Ecological Transition to force Iberdrola, Endesa, Naturgy and EDP to sell 6% of their generation to provide liquidity for bilateral contracts

Renta 4 | Possible new measures to bring the price of electricity down. According to the press, the Ministry of Ecological Transition will force the four big producers (Iberdrola, Endesa, Naturgy and EDP) to sell 6% of its generation to provide liquidity for bilateral contracts. The aim is to link 10% of the PVPC to the result of these auctions. Whatsmore, the implementation of the Recore is being considered, making…

Spanish economy 15th February 2022

Road Maintenance Firms Demand To Compensate The Price Increase In Construction Materials

The Association of Infrastructure Maintenance and Operation Companies, (ACEX, in its Spanish acronym) demands that the Government approve price review mechanisms for new contracts for road maintenance services, as is already being applied by the Ministry of Transport and all its related public companies, the newspaper elEconomista.es reports today. It also demands that it also introduces compensation formulas for projects that are already underway, as the Executive intends to establish…

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