Acciona’s renewables division has been listed on the stock exchange for less than a month (its debut on the trading market was on July 1) and has already announced its first international deal. Acciona Energía and SSE Renewables have agreed to explore offshore wind opportunities in Poland as the country seeks to progress the deployment of around 6GW of offshore wind energy by the end of the decade. For that purpose, both companies, who are already cooperating on the exploration of offshore wind opportunities in Spain and Portugal, have now signed a Memorandum of Understanding (MoU) in order to formalize a 50/50 joint venture for the Polish market.
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.
The CNMV has approved the prospectus for the partial placement of Acciona Energia. The placement syndicate starts marketing the IPO this week. The transaction is aimed at institutional investors. The Spanish multinational expects to place around 25% of capital (30% if the green shoe is added). Acciona will significantly reduce corporate debt after the capitalisation of intra-group loans. Acciona Energía is born with an installed capacity of 11,000 MW and…
CdM | It is well known that in order to take a company public, it is advisable to hire a good press campaign, distribute some money among banks and underwriters, etc. But there are times when haste leads to a rush to force the machine and fall into ridicule. A Madrid business newspaper has published a report on the renewable energy companies expected to list on the Spanish stock exchange in the coming months, comparing the capital valuations of some with others that add capital and debt, which, to say the least, is misleading.
With an investment of 4 billion euros, Acciona plans to build renewable energy facilities in the next five years which will generate a combined total capacity of about 5 gigawatts (GW). These new allocations will be added to the portfolio of 10,117 megawatts (MW) which the Spanish group has installed and in operation, with 56% in Spain and the remaining 44% abroad. This has already made it one of the main global players in the sector.