Acciona has announced that it is analyzing a ‘pipeline’ of concession projects that would add up to 83,000 million euros and that mostly correspond to roads and railways, while it is already prequalified in projects that entail an associated investment of more than 11,500 million. Specifically, 36% of the projects that the company looks closely at are located in Asia, Australia and New Zealand; 23% is limited to North America; 21% in the EMEA region and 20% in Latin America. Of these projects, 40% are in the field of roads, 33% railways, 19% electricity transmission lines and 8% social infrastructures.
The company, which maintains a portfolio at historical levels with 22,020 million, 82% international, maintains that the agreements are key to its strategy and is convinced that 2023 will be a very active year in this business for Acciona, according to the recognized management team. on the occasion of the presentation of results of 2022.
In this sense, Acciona has insisted that the concessions will continue to be an important source of income in the future and given the opportunities that the company is studying, it will be able to increase the size of its business. In addition, the group has indicated that it is in a privileged position to carry out complex projects that may arise and that this allows it to be more selective in terms of country and clients.
Advancing in the US project
In this sense, the multinational is in advanced negotiations to acquire a photovoltaic portfolio in the United States that amounts to 2 gigawatts (GW) in total in aggregate terms, its delegate, Rafael Mateo, indicated on Tuesday in the presentation of the results to analysts. Mateo has said that in 2023 they will build 1.8 GW of new capacity, and in 2024 and 2025 they have to add 2 GW per year, to reach the goal.
He has indicated that there are also opportunities in the market for this, such as the purchase of this photovoltaic portfolio, and he added that these possible acquisitions give them confidence in achieving the objective and covering the gap that exists.
The risks brought by the new EU regulations
Although Acciona Energía has indicated that this purchase is not directly related to the Inflation Reduction Act (IRA) of the United States, with important tax credits and support for renewables, but it does help, a regulation that the company values because it gives it a visibility from 10 to 12 years to work your portfolio.
The president of the Acciona group and of Acciona Energía, José Manuel Entrecanales, has indicated that the EU has warned of its public commitment to renewables, but the regulatory changes that it has incorporated have added risks to potential investors. Entrecanales has said that a stable regulatory environment is necessary to attract investment, especially when other players in the world, such as Australia or the United States, are improving their profile to receive investment.
Forecasts for 2023
For this year, Acciona expects pre-tax profit to register strong double-digit growth with a better contribution from Nordex, a company in which it has reiterated its confidence and for which it expects positive expectations, not only in turbines but also in projects wind farm.
Regarding the gross operating result (ebitda), it is expected that the Acciona group will also experience double-digit growth driven by the construction and concessions business. In the case of Acciona Energía, the ebitda will move between 1,500-1,600 million depending on the evolution of the wholesale market price. This payment also supposes a “pay out” of 56%.
