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Spain

Spain

Acciona posts first ever annual loss

SPAIN: Spanish renewables reform has forced domestic firm Acciona into the first ever annual loss in its 17-year history, adding fuel to fast mounting reports of the company's aim to sell half of its wind assets abroad.

On presenting results for 2013, Acciona chairman José Manuel Entrecanales avoided commenting on reports that he has contracted investment bank Lazard over plans to offload wind capacity.

It is believed Acciona is looking to divest 49% in 2.3GW online wind capacity abroad, across the US, Canada, Mexico, South Africa, Australia, and India.

Financial advisory firm Lazard was reportedly contracted following Acciona's call for offers in December.

Acciona already sold a 61.5MW wind plant in South Korea in November last year. That followed Entrecanales' announcement to divest EUR 1 billion in wind assets "to counter the economic impact" of the Spanish government's renewables freeze.

Acciona registered a EUR 1.97 billion full-year net loss in 2013, compared with a EUR 189 million profit for 2012.

The company said the Spanish government's reforms, especially the removal of price subsidies for wind power online before 2005, knocked EUR 1.68 billion off its asset value and resulted in a EUR 257 million loss to last year's accounts.

Operating cash flow — or earnings before interest, tax, depreciation and amortisation (EBITDA) — fell 14.1% to EUR 1.23 billion. Without the energy reform, EBITDA would have grown 4%, Entrecanales said.

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