Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
This subsidiary has a pipeline of more than 10,000 MW of projects, largely solar power.
We view this news positively as we believe that it can be a good opportunity given the investor appetite for this type of technology at the moment, because of the incorporation of partners who can reduce the investment pressure on the group and because the capture of funds would allow the continued financing of projects still to be developed. We do not expect any reaction in trading. We reiterate Maintain.