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Spain

Spain

Acciona shrinks wind losses

SPAIN: Acciona reduced the loss from its wind division in the first half of the year, bringing it down from EUR 27 million a year before to just EUR 5 million.

Acciona's total installed wind capacity fell due to the sale of assets
Acciona's total installed wind capacity fell due to the sale of assets

However, the Spanish conglomerate said that its pre-tax profit was hit by reforms to the Spanish energy regulatory framework. The changes, which removed subsidies for renewable energy, meant profit was EUR 216 million down in the first half.

At the end of the period, 68% of the company's installed wind capacity was in Spain, but it has been looking to diversify through a move into emerging markets. The manufacturer has had a number of wins in Brazil.

Total installed wind capacity fell 2.1% to 7GW largely due to the sale of its German renewables projects to Swisspower Renewables in January. The portfolio was made up of 18 wind farms with a capacity of 150.3MW.

The company reduced its depreciation by EUR 61 million by extending the useful life of all of its turbines from 20 years to 25 years. The company justified this when it said: "The analysis has been based on both internal and external sources."

In June, Acciona announced that it would form a partnership with private equity firm KKR to develop its international renewable energy business. KKR will take a 33% stake in a 2.3GW portfolio of wind and solar assets across 14 countries.

Acciona said that the transaction – due to be completed in the fourth quarter of 2104 - will bring an estimated net capital inflow of EUR 417 million.

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