Renta 4 | Acciona Energía has announced the signing of an agreement with Ecoenergía for the sale of its majority stake (65%) in the Chipira wind farm (49.5 MW), located in Costa Rica. The value of the transaction (EV) amounts to up to $80 million (€80 million).
The asset has been in operation since 2015. The concession for the farm was due to be transferred to the State in 2033. The transaction is expected to be completed before the end of 2025.
Assessment: Positive news. The sale of the farm for €71.4 million (100% – EV) implies an implicit valuation of €1.44 million/MW, a multiple significantly higher than the sector average for operating assets in Latin America and particularly relevant given that the asset only has seven years left on its concession.
We continue to believe that the market undervalues Acciona Energía’s operating portfolio. We reiterate our OUTPERFORM recommendation, with a target price of €27.60/share, highlighting Acciona Energía’s ability to execute selective divestments at attractive multiples and maintain its organic growth without compromising its financial profile.
