ACS sells 100 MW of photovoltaic capacity, for a possible price of €80-90 M

ACSACS Headquarters in Madrid

Intermoney | ACS (ACS) (Buy, TP €40) has sold a portfolio of 100 MW of photovoltaic energy capacity to Sonnedix, a holding of renewable assets owned by institutional investors advised by JP Morgan AM, according to the Cinco Dias newspaper.

The price of the transaction has not been revealed. The assets are located in Castilla-La Mancha and Extremadura. The two plants, each with 50 MW, were put into operation at the end of 2019 and 2021. Their output is currently sold both to the market and because of the Spanish auction of 2017. As of today, Sonnedix has a capacity of over 5.000 MW, of which, taking into this deal, 1.200 are located in Spain.

Valuation: We estimate the price of the sale at approximately 80-90 million euros. This operation affects assets not included in ACS’ sale to Vinci of its Industrial Services business, finally completed at end-December. That said, the final price of that deal will depend, for an amount of up to 600 million euros, on the renewables capacity which can be developed.

Separately, Vinci and ACS agreed to set up a renewables development company, with a portfolio of projects totalling close to 25.000 MW. The renewable assets not included in the ACS-Vinci accord have been contributing to the construction firm’s results. They generated EBIDTA of 76 million euros to September 2021 ( vs 36 million in the 9 months to September 2020), approximately 7% of the total consolidated figure.