Bankinter | Acciona Energia (ANE) and Engie are reportedly in the final phase of negotiations to close the transfer of assets that include a portfolio of 680MW in wind and photovoltaic projects, according to press reports.
The transaction could be worth up to €500m. The sale transaction has been open for more than six months. Numerous groups, from pure energy companies to investment funds specialising in renewables, have expressed interest in the deal. In addition to Engie, bidding for Acciona Energía’s assets are Naturgy, China Three Gorges (CTG) and Exus Partners.
Analysis: Positive news for Acciona Energy if the sale finally materialises. This would be Acciona’s first transaction as part of an asset rotation plan launched with the aim of being able to develop its project portfolio and at the same time maintain its investment grade rating from the rating agencies. In addition to reducing debt and maintaining its rating, the transaction could serve to crystallise and enhance the value of the group’s asset portfolio. The delay in closing the transaction could be related to the high volatility of electricity prices in the first half of the year, which made it difficult to establish an accurate valuation of the assets, many of them dependent on the price of electricity in the daily market (pool), or about to become dependent on it. The market is now more stabilised with prices exceeding €80/MWh vs. an average of €39/MWh in the first half of the year. In addition, Acciona has another portfolio of renewable assets for sale, with 175MW of hydroelectric generation. There are currently many renewable assets for sale in Spain, which compete with Acciona’s assets. These include Saeta Yield, ACS’s former renewables subsidiary, valued at around €1.7bn, and Endesa’s portfolio of 2,000MW of operational photovoltaics, which could be worth more than €2bn. The recovery in the price of the electricity pool, the sale of assets and the cut in interest rates should allow the share to perform better in the second half of the year.
