Spain’s Acciona to go ahead with IPO of renewables unit after strong Q1

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Acciona’s El Romero Solar plant in Chile. Image: Acciona.

Spanish energy company Acciona plans to carry out an initial public offering (IPO) of its renewables unit before the end of June despite recent volatility among Spanish green energy stocks.

CFO José Ángel Tejero told analysts in a conference call that the IPO of Acciona Energia is on track for completion in the first semester of 2021.

The announcement was made days after Spanish independent power producer Opdenergy postponed its IPO due to “challenging market conditions” for renewable energy companies, while Spanish clean energy developer Ecoener saw its shares tumble on its market debut last Tuesday.  

Meanwhile, Spanish solar companies Solarpack and Solaria have both lost more than 30% of their market value so far this year.

“We remain committed and very excited about the opportunity to present to the market Acciona Energia as a stand-alone, pure-play renewable energy leader,” said Tejero, adding that the company is “determined to be one of the winners in this huge growth opportunity that lies ahead, driven by decarbonisation”.

Acciona last month secured shareholder approval for the floatation process for at least 25% of Acciona Energia, in a move to help it ramp up installed PV capacity to approximately 6GW by 2025. The company intends to maintain a stake of around 70% of the unit following the transaction.

During the first quarter, Acciona’s financial results were driven by a strong performance from its energy division, which posted a 20% year-on-year rise in revenues to €572 million (US$695.7 million) and EBITDA increase of 22% to €297 million.

The company comissioned a total of 319MW of renewables assets during Q1, including a 176MW PV plant in Chile. As of the end of March, the firm had just over 1.4GW of installed PV, with a significant portfolio in markets such as Chile, Mexico, South Africa and Egypt.

This year will see Acciona expand its PV presence in the US, with construction work set to begin on the 240MW Fort Bend project in Texas and the 100MW High Point plant in Illinois, both of which are expected to begin commercial operations in 2022.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

June 1, 2021
Polysilicon provider Daqo New Energy has seen its initial public offering (IPO) plans progress after its application was sent to China’s Securities Regulatory Commission (CSRC) last week.
May 26, 2021
ReneSola Power is aiming to build on its solid first quarter financial performance to reach a 2GW PV project pipeline by the end of the year, as it prepares to enter at least two new Europen markets.
May 25, 2021
Solar contractor iSun’s pre-tax earnings fell further at the start of 2021 compared to the same period last year, while its gross margin took a hit due to project delays brought on by COVID-19.
May 13, 2021
Spanish tracker manufacturer Soltec saw its revenue and earnings tumble in the first quarter of the year, citing delays in PV project development due to higher raw material costs that have led to increased module prices.
May 12, 2021
Data from green hydrogen demonstration projects should be made available to help enable the future bankability of larger installations, unleashing the sector’s decarbonisation potential, a panel has suggested.
May 11, 2021
Spain’s Solarpack was affected by pandemic-related project delays in Chile during a first quarter, in which it saw its net profit shrink 95% year-on-year to €300,000.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021