(SeeNews) – Aug 25, 2014 – Spanish diversified holding company ACS (MCE:ACS) will dispose of 1,056.5 MW of renewable energy assets worth EUR 3.1 billion (USD 4.094bn), El Confidencial.com said today.
According to unnamed financial sources quoted by the web portal, Florentino Perez, the president of ACS, has tasked Societe Generale (EPA:GLE) and Mediobanca (BIT:MB) with finding buyers for the company’s concentrated solar power (CSP), photovoltaic (PV) and wind plants both in Spain and abroad. Some 70% of the installed capacity slated for sale is on the Iberian Peninsula.
The disposal will take place in parallel with the planned listing of the renewable energy asset division of ACS on the stock exchange, which will be carried out before the end of the year.
The same sources reportedly highlighted that ACS would not have problems finding purchasers for these assets, since a lot of international infrastructure funds are looking for opportunities to invest in Spain once the regulatory uncertainties in the country are cleared. "A return on investment (ROI) of between 5% and 6% is not bad at all, taking into consideration that the interest rates are close to zero," an investment bank was quoted by El Confidencial.
Other investors are more cautious, because they consider that the incessant changes carried out by the Industry Ministry do not give any guarantee that the incentives paid on this type of energies would not be changed again. The legal claims against Spain by various institutional funds also contribute to the insecurity.
(EUR 1.0 = USD 1.321)
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