Spain’s Acciona eyes spin-off and listing of renewable energy unit
Acciona will release additional information after the board meeting, it told the stock market regulator in a filing
MADRID: The board of directors of Spanish energy and engineering company Acciona will discuss on Thursday a plan to spin off its renewable unit Acciona Energia and list it on the stock market, the company said.
Acciona will release additional information after the board meeting, it told the stock market regulator in a filing.
The company’s energy business brought in 583 million euros ($702.22 million) in core earnings in the first nine months of 2020, accounting for 77% of the group’s total.
Acciona is one among the Spanish power firms focusing on wind farms and solar parks, taking advantage of government incentives. This expansion needs financing, stoking expectations of stock market listings, partnerships and other deals.
Oil and gas group Repsol also plans to spin off its low-carbon unit, which, in future, will consist mainly of renewable assets, and sell a stake to a partner or list it publicly in the next two years.
Source: reuters
