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Spanish economy

solar panels

Spanish economy 19th June 2023

Iberdrola to build Europe’s largest on-site PV plant for Sabic in Spain with a €60-million investment

Alphavalue/ Divacons| The Spanish utility company has obtained the authorisations to begin construction of the largest on-site solar photovoltaic project for self-consumption in Europe, which it will build for Sabic at the industrial complex in Cartagena. Specifically, the installation, with a capacity of 100 MW, will involve an investment of more than €60 million and the creation of 450 new jobs during the construction period. It will supply renewable energy…

Ence2

Spanish economy 18th June 2023

Ence says it has signed a contract with a major brewery for conversion of thermal processes based on gas, fuel oil or coke

Link Securities| The company’s president, Ignacio Colmenares, has claimed that the company has signed a contract with a major brewery based on the transformation of thermal processes based on gas, fuel oil or coke by a pure electric solution or a mixed solution with biomass depending on the temperature and pressure at which companies need steam. The ENC executive also pointed out that before the end of this month the…

Acciona

Spanish economy 18th June 2023

Acciona and Sacyr chosen by Basque Rail Network to build section of Bilbao underground

Link Securities | A temporary joint venture (UTE in its Spanish initials) in which Acciona and Sacyr participate has been selected by ETS Euskal Trenbide Sarea (Basque Rail Network) to build the second section of Line 5 of the Bilbao Metropolitan Railway between Aperribai and Galdakao, with an extension of 2.8 kilometres, the digital portal CapitalBolsa.com reported yesterday. The works will include the platform and track superstructure of the section,…

CEPSA

Spanish economy 15th June 2023

Cepsa to invest €1 billion to build Europe’s largest green ammonia plant in San Roque

Cepsa will build the largest green ammonia plant in Europe at its San Roque Energy Park (Cadiz), thus accelerating its commitment to green hydrogen with an investment of €1 billion. With an annual production capacity of up to 750,000 tonnes, which could avoid the emission of three million tonnes of CO2, the facility is expected to be operational in 2027. It will also create 3,300 jobs, including direct, indirect and…

Caixabank sede madrid

Spanish economy 15th June 2023

Fitch Ratings maintains CaixaBank’s BBB+ rating and outlook at “stable”

Alphavalue / Divacons| The chairman of the Catalan bank, José Ignacio Goirigolzarri, believes that the balances of credit portfolios in Spain will remain stable or register slight increases over the next three years, as he said during his speech at the conference that Cinco Días is holding to celebrate its 45th anniversary. Meanwhile, the credit rating agency Fitch Ratings decided to maintain unchanged the BBB+ rating assigned to CaixaBank as…

Melia feliz 768x454 1

Spanish economy 14th June 2023

Meliã’s hotel occupancy is highest ever at record 110,000 rooms globally

Link Securities| Gabriel Escarrer, CEO of Meliã International, said the company operates a record 110,000 rooms worldwide, digital portal Bolsamania.com reported yesterday. Meliã’s hotel occupancy is the highest in its history. The company will also add capacity in Vietnam, Italy, Cuba, Seychelles and Montenegro and will start operations in Albania and Tanzania in 2023. Additionally, the hotel chain has raised its bookings to 30% above 2019 and expects margins to…

Spanish Housing Market

Spanish economy 14th June 2023

Bank of Spain warns there are half a million homes practically unsaleable but lack of developable land means prices cannot fall

A study by the Bank of Spain recommends that the government “review the procedures for managing land for development” to try to lower the price of housing in Spain, the high cost of which it attributes to the “mismatch between supply and demand”. The study, “El desajuste entre la oferta y la demanda de vivienda y su relación con los precios“, (“The mismatch between housing supply and demand and its…

Amadeus

Spanish economy 14th June 2023

Amadeus: travel volumes to fall by -15% vs. pre-Covid levels on a permanent basis, ahead of expectations for segment recovery

Morgan Stanley| The 1H23 corporate travel survey results indicate that travel volumes would fall -15% from pre-Covid levels on a permanent basis, which is above the recovery expectations it had for Amadeus and for the segment. Given this improvement and the expectation of respondents to reduce the proportion of virtual meetings, our industry analysts believe we could see even more recovery in corporate travel. In addition, they think that the…

españa inflacion alimentos

Spanish economy 13th June 2023

CPI falls to 3.2% in May, 9/10 of a percentage point lower than previous month; core down to 6.1%

The annual rate of the general Consumer Price Index (CPI) in the month of May is 3.2%. This rate is nine tenths of a percentage point lower than that registered the previous month. The groups that stand out due to their influence on the decrease in the annual rate are: Transport, which places its rate at -3.7%, more than four points lower than last month. This decrease is due to…

Sacyr2

Spanish economy 13th June 2023

Sacyr sells environmental services business to Morgan Stanley for €734 million (9x EBITDA22)

Sacyr has just announced the sale of 100% of its environmental services business (Valoriza Servicios), for an enterprise value of €734 million, to a company owned by funds managed by Morgan Stanley Infrastructute Partners. The value of the equity is estimated by Sacyr at €425 million, and the transaction is expected to close in 4Q of this year. The capital gains generated are estimated at €270 million. The company states…