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Acciona shareholders give green light to IPO of renewables unit
Acciona’s El Romero Solar plant in Chile. Image: Acciona.
Spanish energy company Acciona has secured shareholder approval for an initial public offering (IPO) of its renewables division, providing a boost for the firm’s plans to reach 6GW of installed PV by 2025.
Shareholders today (12 April) authorised the company’s board of directors to carry out the floatation process for at least 25% of Acciona Energía “whenever it deems appropriate”. The intention of the board is to maintain a stake of around 70% of the unit after the transaction.
Acciona announced in February its ambition to float its energy division on the stock market to reduce its capital costs and strengthen its balance sheet.
Acciona and international metals group Korea Zinc have reached an agreement to jointly develop the 923MW MacIntyre Wind Farm in Queensland, Australia.
MacIntyre is one of the largest renewable energy projects in Australia, and the largest energy project in Acciona’s portfolio.
Under the agreement Ark Energy, a subsidiary of Korea Zinc, will take a 30% stake in MacIntyre Wind Farm, with Acciona retaining 70%.
The Spanish infrastructure company will remain responsible for managing the project through its development, construction, operations and maintenance stages.
Acciona has also secured a long-term PPA with CleanCo, Queensland’s newest public electricity company.
Under the deal, CleanCo will acquire the annual production from 400MW of Acciona s facilities for ten years.
Korean metals giant takes 30 pct stake in massive Queensland wind complex reneweconomy.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reneweconomy.com.au Daily Mail and Mail on Sunday newspapers.