Norbolsa | Iberdrola (IBE) announced that it had agreed to acquire an 88% stake in UK network operator ENWL for €5 billion (€2.5 billion equity value). The closing of the transaction is now subject to obtaining approval from the UK government within an initial three months and a review by the Competition and Markets Authority.
Bankinter | A British court has placed a precautionary embargo on the airport operator’s right of usufruct over Luton Airport (London). The decision affects 26.01% of Luton’s shares, where Aena has a total stake of 51%. It therefore affects the Spanish government’s indirect shareholding in the British airport. It is the consequence of an award condemning Spain for the cut in premiums for renewable energies. Specifically, the energy company NextEra…
Banco Sabdell : According to press reports, the Council of Ministers will today authorise Enagás to start the Spanish part of the future European hydrogen network, H2Med. Work should start soon to meet the target of being operational by 2030. Assessment: Positive news with limited impact, as it will be a long process until 2030, the date initially planned (ceteris paribus) for the start of operations. H2Med is estimated to…
Link Securities | Iberdrola, ICO, Sabadell and HSBC have signed a syndicated green loan for an amount of €500 million that is covered by Cesce through its Green Investment Policy on behalf of the State, and which is guaranteed by the Internationalisation Risk Reserve Fund (FRRI), attached to the Ministry of Economy, Trade and Enterprise. The proceeds of the transaction will be used to finance renewable wind and photovoltaic projects,…
Link Securities | Iberdrola (IBE) has obtained administrative construction authorisation (AAC) for its Cofrentes I (184 MW) and Ayora 1 (182 MW) photovoltaic plants, both in the province of Valencia, according to Expansión. The company says these two plants will generate enough energy to supply approximately 200,000 homes and avoid 124,000 tonnes of CO2 emissions into the atmosphere per year. The Cofrentes I PV plant is located in the municipalities…
Bankinter : We make a fine-tuning downward valuation adjustment for Acciona Energia (ANE), but we continue to see value at these levels. We slightly adjust our estimates and the group’s target price downwards, but we maintain our Buy recommendation. The main reason is the cut in estimates and valuation on Acciona Energía due to lower electricity prices than initially estimated. Weak demand, a high weight of renewables in the electricity…
Alphavalue: In relation to the application for authorisation of the voluntary takeover bid made by Manzana Spain Bidco (Bidder) for all the shares of Applus+ (APPS), which was admitted for processing by the CNMV on 17 July 2023, Applus hereby states that the Council of Ministers resolved, at its meeting of 27 December 2023, following a favourable report from the Foreign Investment Board, to authorise unconditionally the foreign investment of…
Renta 4 : Europe opens higher (Eurostoxx futures +0.4%, S&P -0.1%) after last minute gains in the Nasdaq (+1.65%) and after a session yesterday in which the rebound of the first part of the day in the European stock markets was deflated as the session progressed as there were no specific catalysts, beyond accumulating three consecutive weeks of losses in the main world stock markets.The markets are still waiting for…
Renta 4 : Stock markets open lower again (Eurostoxx -0.3%, S&P flat), after negative closes in the US and Asia. As for central banks, Norway’s central bank unanimously raised rates by +25 bps, in line with expectations, to 4%, and anticipated more hikes in September, arguing that inflation is still not under control. A monetary policy direction that contrasts with that of other countries where they have already started to…
Renta 4| New day with European futures lower at the open (Eurostoxx 50 -0.6%, S&P flat) after a negative close in the US at the lows and with the US IRR 10 hitting the highest since October at 4.26%, and rising today +4 bps to 4.31%, which is an increase of c.+15 bps since Friday. Noteworthy is the publication of the minutes of the Fed’s July meeting where there is…