Acciona advances in asset rotation and works on operations of 1,000 million
Acciona reaffirms its forecasts for the year, with special prominence for its subsidiary Nordex and a positive evolution in the infrastructure business, which compensate for its lower energy production. The group chaired by José Manuel Entrecanales maintains its ebitda forecasts (gross operating result) in the range of 2,700 to 3,000 million, with a greater contribution from its German subsidiary compared to what was initially planned and a lower contribution from energy.
This is reflected in the business trends report that was sent this Thursday to the National Securities Market Commission (CNMV) to update its evolution at the end of the third quarter, without including the main items in its financial accounts as it is quarterly. The company has taken advantage of this event to report new progress regarding the energy asset rotation strategy, which it has achieved with agreements of 800 million in the first nine months of the year and plans to reinforce with additional operations that represent an added value of around 1,000 million euros. “These operations are in an advanced phase and could be agreed soon, reaching the objective of operations of between 1,500 and 1,700 million, although with a certain time lag with respect to the initially planned schedule,” the group explains.
In the energy business, the report includes a drop in energy production forecasts for this year, now estimating that it will be around 25,000 gigawatt hours (GWh), compared to the 26,000 expected, due to a “slower and more complex” commissioning of new facilities, but which should have a temporary impact. In this scenario, its operational evolution and the closing of asset rotation operations in Spain, Peru and Costa Rica before the end of the year lead it to reiterate the annual Ebitda target in a range of 1,500 and 1,750 million.
On the other hand, in a more stable environment compared to previous quarters for renewable energies, Acciona Energía has decided to undertake new selective developments in the Philippines, Thailand and Chile, with which the total investment before rotation now expected for the whole year is between 1,400 and 1,450 million euros, compared to the 1,300 million that were initially estimated. In addition, the company is analyzing repowering opportunities in different markets, taking advantage of existing sites to increase renewable production without occupying new land, reduce costs and accelerate decarbonization.
Regarding infrastructure, the group’s third quarter has been overshadowed by the financial closure of the SR-400 highway in Atlanta (USA) for 9,620 million, which is due to the largest public-private financing (PPP) project with bonds carried out in the US market to date and contributes approximately 1,900 million to the global infrastructure portfolio of the listed company, which stands at 30,551 million at the end of September -7% more than when the year began-. For its part, the real estate business increased its pre-sale portfolio to 1,790 units (+145.3%), while its manager Bestinver closed September with 7,328 million euros of assets under management, 7.9% more.
