Acciona has already announced the price range, which will oscillate between 26.73 and 29.76 euros per share, for the flotation of 15-25% of its subsidiary, Acciona Energía. This represents a valuation of between 8.8 and 9.8 billion euros (above the stock market value of the parent company, which at close yesterday was 7.5 billion euros). Translated to enterprise value (equity plus debt), the price represents a valuation of 11.9-12.9 billion euros. The stock market debut is expected to take place between June 28 and July 1.
Acciona Energía has been forced to lower its price expectations. Initially, analysts had valued the Entrecanales’ renewables subsidiary at up to 12 billion euros. But months ago the market put the brakes on the prices of renewable energy companies. As a result, Capital Energy, Opedernergy and Gransolar were forced to cancel their IPOs, while Ecoener debuted with significant falls on its first day of trading.
Acciona will be able to raise between 1.3 and 2.4 billion euros with this operation. This cash is needed to reduce debt and develop the company’s renewables growth plan. It hopes to reach 20 GW of installed capacity, almost double the 11 GW it currently has.
Before listing Acciona Energy, Acciona has reduced the subsidiary’s net debt: capitalising some 1.9 billion euros and subscribing to a green loan for 2.5 billion euros. Acciona is also committed to keeping net liabilities below four times EBITDA. The idea is to have a financially independent subsidiary, for which it already plans to issue up to 5 billion euros in bonds and promissory notes in the coming months.
