Intermoney | Acciona (ANA) (Buy, Target Price €180) and local company J.R. Filanc have won the design, construction, operation and maintenance of a new desalination plant that will supply drinking water to residences and businesses in South Orange County (California, United States), according to Expansión newspaper.
The investment budget is around $140 million (around €132 million). The Doheny ocean desalination plant, to be located in the town of Dana Point, will include up to five fully submerged slant wells, a 1.6-kilometre water pipeline and a reverse osmosis treatment facility.
Assessment: This is good news for Acciona, which we should not forget generates half of its EBITDA in 24e from activities other than renewable energy. Specifically, we estimate that the Infrastructures division could report EBITDA of €617m at the end of this year, 12% more than in 2023; of this amount, more than €400m would correspond to construction activities, while those of the water cycle would represent around €90m. This division also includes the concession activity, with an estimated EBITDA this year of €80 million, as well as services, which would generate around €30 million.
