Acciona anticipates an acceleration of the environmental visa for renewables
Acciona Energía expects an acceleration of environmental impact declarations at the end of the year and beginning of 2023, that contribute greater construction volume and supply contracting of electricity in the long term (PPA) in the coming years. Against this background, the company has promoted different projects in Spain in its portfolio of photovoltaic hybridization with a capacity of 2.3 gigawatts (GW), which are now waiting to start or advance their environmental approval process, although all have guaranteed access to the grid.
As Acciona Energía has advanced in its latest business trend report –which replaces the old quarterly results–, some of these projects, for a total of 0.7 GW, have already submitted the environmental impact statement. The company expects continue promoting this type of renewable projects, in a context in which he warns that this year 2022 could already be the worst in the last 50 years in terms of resources. In fact, the country’s hydraulic reserves are below the level of the driest year in the last five years.
The company’s consolidated production stood at 14,530 GWh in the first nine months of the year, which means a decrease of 0.4% with respect to the same period of the previous year, with Spain falling –especially due to the lower hydraulic production– and a slight increase internationally.
Faced with this, the company highlights the “favorable operating environment” on the side of energy prices, which remain high and drive profitability and incentivize investment effort in renewable projects. At the end of September, the total installed capacity reached 11.4 GW, with a net variation of 186 MW during the first nine months of the year.
The average price captured by the business of generation of the company grew by 63.7% up to 111.5 euros/MWh, compared to 68.1 euros/MWh in the same period of the previous year and 116.2 euros/MWh in the first half of 2022. The company has also reported that, at the beginning of November , signed a new three-year revolver credit facility in the Club Deal format, linked to sustainability objectives, for an amount of 450 million euros, raising the amount available in committed and undrawn lines and loans to approximately 1,700 million euros.
Regarding Acciona, the parent company that is dedicated to the construction business and concentrates the rest of its activities, points out that “it continues to work with a strict risk control and costs to mitigate the impact that the current extraordinary price environment may have on the profitability of the business”, while it is detecting a moderation in price increases in some raw materials.
The infrastructure portfolio (which includes construction, concessions, water and urban services, and the environment) reached 20.230 million euros as of September 30, 12% more than at the end of December 2021. In the real estate field, the portfolio of pre-sales amounted to 1,845 units, equivalent to 614 million euros of future income. The investment made in real estate stocks during the first nine months of 2022 reached 183 million, to which is added another 70 million in the construction of the Ombú and Mesena office buildings, in Madrid.
With regard to Bestinver, its assets under management reached 5,206 million as of September 2022, with a decrease of 26% compared to the figure for December 2021, 75.4% invested in variable income. Regarding investments, the group invested 1,900 million euros in the first nine months of the year, of which 1,125 million belong to Acciona Energía and 190 million to infrastructure. For the rest of the year, the company maintains its forecasts for achieve profit growth double-digit gross operating income (Ebitda) at the end of the 2022 financial year.
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