Since 2024, the group has reached agreements to sell more than 3 GW of renewable capacity in Spain, Peru, Costa Rica, South Africa, the United States and Mexico, for a total of €3.7 billion and with an average implied multiple of €1.2 million per MW.
Reported by Bankinter
The group has announced the sale of 15 wind farms with a capacity of 361 MW in Navarre, Zaragoza, Ciudad Real, Palencia, Guadalajara and Seville to GALP. The assets sold to the Portuguese company’s renewable energy division have an average operational age of 21 years. The transaction will generate an estimated capital gain of €255 million.
Bankinter analysis team’s view: This is positive news that enables Acciona to make progress with its selective asset rotation plan. The aim of these sales is to maximise the value of its projects and optimise capital allocation, whilst strengthening its financial position.
Since 2024, the group has reached agreements for the sale of more than 3 GW of renewable capacity in Spain, Peru, Costa Rica, South Africa, the United States and Mexico, for a total of €3,700 million and with an average implied multiple of €1.2 million/MW. This transaction with GALP has been completed at a multiple in line with the average.
Acciona Energía currently has other asset sale processes underway in Canada, Australia, Chile and Italy. However, the development attracting the most attention is undoubtedly the outcome of Acciona’s strategic review. Acciona has engaged two investment banks to advise it on the strategic review of its subsidiary Acciona Energía, in which it holds a 91.1 per cent stake. Possible options include the entry of a minority or controlling investor, or even a complete sale. Acciona states that all options are valid provided they promote growth, keep debt under control, protect the group’s credit rating and contribute to creating value. As for the option of a partial divestment, several funds (Brookfield, KKR, BlackRock/GIP, Blackstone and Norges, among others) are reportedly preparing their bids, which could be submitted as part of a consortium or individually.
