Banco Sabadell| ANE announced at the close that it has increased its stake in Renomar to 75% (indirectly; from 50% previously, accounted for by the equity method with a book value of €101 million at year-end 2022 / 0.7% of EV) following the acquisition of 50% of Med Wind Energy which, in turn, holds the other 50% of Renomar, as well as a portfolio of projects under development in the Valencia region. Renomar currently operates 494 MW of wind power capacity in the Valencia region (4.3% of ANE’s total installed capacity at year-end ’22). No details are provided on the amount of the transaction or the impact on ANE’s accounts.
Assessment: News of limited impact given that it only confirms an already known agreement and that no details are provided on the operation that would allow us to analyse its financial impact or its assessment, although we understand that given the size of the asset portfolio, and given that ANE already owned 50% of it, it should not be very relevant. In this sense, to the extent that ANE would now own more than 50% of Renomar, we understand that the 494 MW of operating capacity would be consolidated globally, which would increase the consolidated installed capacity by +5% (although the total capacity would not change). This operation is what ANE referred to in its trading statement for 1Q’23 that would allow it to achieve EBITDA guidance’23 (between €1,500 and €1,600m EBITDA; €1,483m BS(e) without taking into account the operation) despite the fall in expected pool prices in Spain.
