Sabadell: According to press reports, the sale of 49% of a portfolio of 1,200MW of renewable assets could be closed in January. Norges would be the most likely buyer, although Pontegadea could also be in the final stages of the bidding process. The intention to sell this stake was announced in September and IBE’s goal is to find a strategic partner to help it boost its renewables in Spain. The assets, valued at 1.2 billion euros, comprise solar and wind assets, of which 200 MW solar are already operational and the rest are still under development (80% of the total photovoltaic and 20% wind).
Valuation: The sale fits within the company’s strategy of financing renewable expansion with minority partners. In 2022 it sold 49% of Wikinger to finance its development and is seeking partners for assets in the UK (East Anglia Three) and Germany (Baltic Eagle). In any case, if the amount is confirmed (600 M euros for IBE), it would be an insignificant amount (<1% EV). The search for partners to develop the renewable business (39% EV IBE) would be positive.
