October 18 (Renewables Now) - Spanish construction engineering company ACS Actividades de Construccion y Servicios SA (BME:ACS) has received non-binding offers for its renewables unit Zero-E, it confirmed Friday in response to local media reports on alleged interested buyers.
In a brief filing to the Spanish market regulator, ACS called the sale of the firm, its parts or assets, a “potential process”.
This morning, Spanish business news outlet Cinco Dias wrote that Ligthsource BP, the solar power company backed by BP Plc (LON:BP), has added its name to the list of suitors vying for Zero-E since ACS scrapped the unit’s initial public offering (IPO).
The construction and civil engineering giant launched Zero-E in April 2019, with ambitions to float its renewables business populated with assets accumulated through Grupo Cobra, ACS's energy infrastructure builder.
At the time of the launch, the nascent renewables firm had 2,600 MW worth of identified business opportunities and a target to reach 4,500 MW in 2022. Its portfolio 1,481 MW of assets in operation or construction spread between solar photovoltaic (PV), solar concentrated power (CSP), onshore and offshore wind and hydropower capacity.
According to Cinco Dias, the plan to float 51% of Zero-E’s share capital was abandoned amid market shocks and low prices coming up in surveys among investors. ACS’s advisory banks are said to be working on the alternative plan -- a private transaction, Cinco Dias article said.