Statkraft connects 44.5-MW solar farm to grid in Spain
Sep 19, 2024 15:28 CESTFrench concessions and construction group Vinci SA (EPA:DG) has signed a binding agreement to acquire the energy business, including the renewables platform, of Spanish civil and construction engineering giant ACS Actividades de Construccion y Servicios SA (BME:ACS), the companies announced on Thursday.
The parties agreed on a price ranging from at least EUR 4.93 billion (USD 5.81bn) minimum up to EUR 4.98 billion, which takes into account some EUR 0.7 billion of net cash items, working capital and other adjustments. Vinci, which back in October put a EUR-5.2-billion non-binding offer on ACS's table with the proposal to pay a part of it in hard coin, now said it would pay the full closing amount in cash.
ACS also stands to receive up to EUR 600 million over the course of up to eight and a half years, if its energy business develops a maximum of 15 GW of ready-to-build (RTB) projects. These payments would be made at a rate of EUR 40 million per RTB gigawatt.
Furthermore, Vinci and ACS intend to negotiate a joint-venture (JV) agreement for the purpose of acquiring mature renewable energy assets, which the targeted energy business is due to fully develop, build and connect to the grid. Vinci would control the JV with a 51% interest, with ACS holding the remainder.
For close to EUR 5 billion, Vinci will be buying most of ACS’s specialised energy-sector services and contracting business active mainly in Spain and Latin America, the renewables development platform with around 15 GW worth of identified new short and medium-term opportunities, mostly solar PV and onshore wind, and eight greenfield concessions covering transmission lines and one offshore wind project, among others.
Outside of the acquisition scope are ACS’s Zero-E platform for renewables and 15 concessions, which will be subject to a carve-out plan before the deal with Vinci is finalised.
The acquisition is subject to regulatory green light, with the parties expecting it to be closed at the end of 2021.
(EUR 1.0 = USD 1.178)
Statkraft connects 44.5-MW solar farm to grid in Spain
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