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Spain

ACS to divest EUR 3.16 billion in Spain

SPAIN: Spanish wind developer ACS has commissioned banks Société Générale and Mediobanca to handle the sale of over 1GW of renewables generation capacity, according to reports across Spain's financial media.

The combined target price is cited at just over €3.16 billion, including nearly €2.63 billion debt - exacerbated by the Spanish government's retroactive axing of renewables subsidies.

ACS was unable to comment on the reports. The group - Spain's biggest construction company--displayed similar reticence in 2012, when it sold 442.5MW of Spanish wind power assets to Bridgepoint for €636.3 million, also brokered by Société Générale and Mediobanca.

The current divestment bid reportedly encompasses 1059MW of capacity, 70% in Spain and mostly from wind, though also including sizeable solar power stakes.

Analysts expect further details during ACS's presentation tomorrow of first half 2014 results.

ACS wind power affiliates include Eyra, with 513MW of installed wind capacity in Spain, and Cobra, with extensive wind stakes in Latin America.

The group also has minority stakes in other wind developers, including 3% in utility Iberdrola, which has over 14GW of wind online worldwide.

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