Intermoney| Acciona Energia (Buy, €34) is among the pre-qualified bidders in the tender for the development and operation of 800 MW in Morocco, a phase included in the overall plan to promote a total of 1,600 MW. The company is participating in this tender with a local partner, while Iberdrola, also pre-qualified, has presented itself alone. The other participants include Vinci, which is represented by Cobra, acquired two years ago from ACS.
The complex to be developed, Noor Midelt, started in 2019 with the award of the first phase, which consists of a hybrid installation (solar and solar thermal).
The developer is a consortium formed by EDF, Masdar and Green of Africa, which in 2019 selected Spain’s TSK to design and build the project.
Assessment: We will see the outcome of the tender, although we think it is fully justified that Morocco is one of Acciona Energía’s target markets.
In November, Acciona Energía published its trading statement for 3Q, in which it confirmed its targets for growth in installed capacity this year, 1,800 MW, as well as EBITDA of between €1.2bn and €1.3bn. The company also announced a selective sale of capacity from 2024, perhaps imitating what EDPR has already done on a regular basis (Buy, PO €23).
