Articles by Judith Macinnes

siemens gamesa

US justice Rules In Favour Of Siemens Gamesa In The Conflict Over Patents With General Electrics

Renta 4 | The United States International Trade Commission (USITC) has ruled in favour of Siemens Gamesa (SGRE) on the issue of the complaint submitted by General Electric regarding the patents of some of the components of wind turbines. The USITC has denied GE’s claims. The ruling affirms that Siemens Gamesa did not infringe any intellectual property rights with respect to the Zero Voltage Ride Through Patent. That said, the…


Iberdrola wins 3 large scale projects with 7.000 MW in Scotwind, the biggest UK offshore wind auction

Bankinter | Iberdrola has won the lion’s share in the offshore wind auction in the UK, known as Scotwind. The Spanish power company will develop three large scale projects: two of them with floating technology, which they will develop in collaboration with Shell and the third on a fixed structure. The total amount of power awarded to Iberdrola in this auction is 7.000 MW. The areas adjudicated are: Marram Wind,…

Spain tourism GDP

Exceltur says Spain’s tourism GDP could reach €135 Bn in 2022, €41 Bn over 2021; but still €19 Bn below 2019

Banco Sabadell | Exceltur has published its forecasts for 2022, flagging that it expects a strong recovery in Spain from the month of April. According to the tourism lobby, it expects the GDP contribution from tourism in Spain to reach 135 billion euros. This is 41 billion euros over 2021, but still 19 billion below 2019 figures. Whatsmore, the lion’s share of companies surveyed expects to recover 2019 revenue levels…

Spain tourism

Tourism will recover 87% of pre-Covid levels in 2022; BUY Melia and IAG, which have started the year up 9% and 16% respectively

Bankinter | Exceltur believes that from April onwards the “trough” of the virus will have been overcome and that tourist activity in Spain will reach 135.465 billion euros in 2022. This is compared with 88.548 billion euros in 2021 and would mean recovering 87% of pre-Covid levels (154.487 billion in 2019). Despite the improving activity, the tourism lobby foresees a negative impact on both the margins and results of tourism-related…


Iberdrola signs agreement to enter the Philippine market with 5 marine wind farms

Renta 4 | Iberdrola (IBE) has signed with Triconti ECC Renewables and Stream Invest Holding an option allowing it to enter the Asian country with 5 marine wind farms, the total capacity of which would reach 3,5 GW. Triconti is the biggest independent wind energy developer in the Philippines, while Stream Invest Holding is a Swiss renewable energy group. All the projects come with an assured service contract with the Philippine…


ACS, Ferrovial, Acciona Bid For ‘Mega’ Infrastructure Investment Project In Australia

Alphavalue | ACS (ACS), Ferrovial (FER) and Acciona (ANA) are bidding for a “mega” investment plan in Australia. The Australian government plans to invest some 70 billion euros in infrastructures over a 10 year-period. The Spanish firms lead the ranking of contractors for the projects, which include railways, motorways and subways. ACS (Buy, Target Price €40,8 +) ACCIONA (Reduce, Target Price €157 ++) FERROVIAL (Reduce, Target Price €25,8 ++)


Santander Kicks Off Debt Issues; UK Places £500 M And Consumer €750 M

BancaMarch | On Monday, the Spanish bank kicked off its activitiy in the debt market for this year. Specifically, the lender called on the investment community in order to raise 1.350 billion euros in funding for its consumer finance business, Santander Consumer, and its subsidiary in the UK. In the case of Santander Consumer, it issued senior debt with a 5-year maturity at 0.586%, 50 bp over the midswap index,…

Atlantia bids for Yunex

Atlantia bids for Yunex (0,7% capitalisation of Siemens)

Banc Sabadell | Italian infrastructure firm Atlantia would have made a bid valued at ~1 billion euros for 100% of Yunex (0.7% capitalisation of Siemens), according to Bloomberg. Yunex’s business focuses on mobility signalling. We recall that in the last few months a competitive sale process had started, including participants like KKR or Bridgepoint. This is positive news, although of limited impact, as it was already known that a sale…


ACS sells 100 MW of photovoltaic capacity, for a possible price of €80-90 M

Intermoney | ACS (ACS) (Buy, TP €40) has sold a portfolio of 100 MW of photovoltaic energy capacity to Sonnedix, a holding of renewable assets owned by institutional investors advised by JP Morgan AM, according to the Cinco Dias newspaper. The price of the transaction has not been revealed. The assets are located in Castilla-La Mancha and Extremadura. The two plants, each with 50 MW, were put into operation at the…

Repsol a top oil sector pick

Repsol buys shale oil and gas assets from US firm Rockdale Marcellus for $222M

Repsol has bought shale oil and gas assets from US firm Rockdale Marcellus for $222 (200 million euros). This company was born out of holdings which Shell had in the counties of Tioga, Lycoming and Bradford in Pennyslvania in 2017. Repsol already operates a shale field near there. The Spanish oil and gas giant participated in an auction to acquire Rockdale on December 16, following the latter’s adherence to Chapter…