ACS plans to sell up to 70% stake in renewables unit
ACS [BME:ACS] plans to sell up to 70% of its renewable energy subsidiary with a pledge of a high pay out, probably around 80%, Cinco Dias reported citing energy sources. The Spain-based construction and energy business will present today 24 April the plan to float the business, which could be named Zero-E, according to the report.
ACS intends to sell 51% of the capital in the renewable energy subsidiary and its unit Cobra will hold the other 49%, the report said.
ACS is also ready to sell a further 20% of Zero-E’s capital to a second significant shareholder in parallel to the initial public offering, the Spanish-language paper said. The assets to be listed include wind farms, solar thermal, photovoltaic and hydroelectric plants, high voltage lines and water cycle infrastructures totalling 1,900 MW.
ACS plans to use most of the proceeds to fund the farms under construction: 192 MW of wind power, 1,236 MW in photovoltaic plants, a 20 MW hydroelectric plant, 4,158 kilometres of transmission lines, two desalination plants, a treatment plant and an irrigation project, Cinco Dias said.
As reported, on 11 April ACS announced that it is considering setting up a renewable energy asset subsidiary which could be listed. Goldman Sachs, Natixis and Societe Generale are advising.
Market sources suggested a possible valuation of around EUR 2bn, Cinco Dias added.