In an interview with Consejeros magazine, Sacyr’s coordinating advisor, Elena Jiménez de Andrade, explains that now “We have great capacity to win projects, a capacity that until now contrasted with a series of financial limitations and balance sheet size. However, in this strategic cycle, we are going to eliminate those barriers. That is why we have set an ambitious goal for 2033: to triple the value of our assets. We have put aside past issues that weighed us down, and now our resources are focused on strategic projects.”
Q- They want to triple the size of the company by 2033. Do you think they will be able to obtain sufficient resources to tackle that ambitious growth?
A- Clearly. We communicated this to analysts and investors in May at our last Investor Day. The dividends from our concessions will exceed 200 million euros on average annually in the 2024-27 cycle and will be used to invest in new assets. This is in addition to the 222 million from the capital increase that we have just successfully completed, which will allow us to meet commitments for both already awarded contracts and others we may win in the coming months. Additionally, as a growth accelerator, we will have resources from Voreantis, our mature asset operating subsidiary, in which we will bring in a partner and which we value at between 1.7 and 2 billion euros. All our projects are financed with national, global, and multilateral banks, which are very well accepted because they are low-risk demand assets in solid markets.
Q- What strategy underlies the creation of Voreantis?
A-This partnership will allow us to open the door to many other alternatives and to bid for larger projects and new markets. It’s an operation that will take us to another dimension. The president calls it “the leap to big Sacyr.”
Q- They say that all this would turn Sacyr into the Spanish multinational in transport, health, and water infrastructure that leads concessions by 2033…
A- Sacyr is a great platform for developing, commissioning, and operating infrastructure projects. We are already one of the best in the world. The company’s history, viewed in perspective since its inception in 1986, is one of growth and profitability. We want to continue on this path. Thanks to our vertical integration model, we generate value from the outset. By starting a project from scratch, designing it, financing it, constructing it, making it operational, and maintaining it, we leverage our strengths. Our strong financial position and our human team allow us to aspire to growth that will consolidate our leadership in the global infrastructure sector, with a sustainable and innovative vision.
Q-Speaking of the necessary resources, what is your opinion on the European Next Generation Plan and its application to the Spanish market?
A- Look, Sacyr bases its strategy on public-private collaboration in infrastructure concessions. It is undeniable that this model requires analysis and planning in multi-year plans, regardless of political differences. If this had been the case for years, today we would not have problems with potable water supply in many places, and the entire high-speed rail network would have been deployed, for example. The time and lost opportunities have a significant impact in terms of development. In other countries where we operate, public-private models are designed for their civil societies, outside of political struggles. It is a shame that we are able to mobilize economic resources for large-scale projects abroad, but not in our Spanish market.
