Acciona will go public with a valuation of between 8,800 and 9,800 million

Acciona announced today that the non-binding price range for the public offer for the sale of Acciona Energía shares will range between 26.73 and 29.76 euros per share, representing a valuation of between 8,800 and 9,800 million euros. In addition, in communication to the National Securities Market Commission (CNMV), the company has indicated that its Board of Directors has authorized the placement of between a minimum of 15% and a maximum of 25% of the share capital of its Energy subsidiary , which in practice guarantees the definitive leap of the company to the market.

The non-binding price band assumes a company value of between 11.9 billion and 12.9 billion, when including debt.

The offer may be extended by granting by Acciona to the global coordinating entities a purchase option (“green shoe”) that will be between 10% and 15% of the number of shares initially offered, in order to cover possible over-awards.

In this way, Acciona provides the offer with an adequate flexibility framework to optimize its market value and, at the same time, to attract and select those investors who share the company’s long-term business plan and ESG vision. . In addition, Acciona Energía has secured, prior to the offer, the appropriate financial structure for the development of its growth strategy as an independent company.

Acciona Energía’s offer, aimed at qualified investors, will be carried out through the placement by Acciona of ordinary shares of its subsidiary, under the terms and conditions set forth in the prospectus that will soon be submitted to the CNMV.

Acciona accounts for this operation with Citi, JP Morgan, Goldman Sachs and Morgan Stanley, together with Bestinver Securities, as “documentation banks”. These banks have led more than 60% of all European IPOs in the last five years, with a total volume that exceeds 100,000 million euros. In addition, STJ Advisors and AZ Capital will act as independent advisers.

As legal advisers, Acciona has the law firms Uría Menéndez and Davis Polk & Wardwell. Linklaters will act as attorney for the banks union.

The energy company plans to triple the installed renewable power by 2030 from the current 10,700 MW to the 30,000 MW that they aspire to have in operation by the end of the decade. The company also wants to have a project portfolio close to another 30,000 MW, which would mean maintaining the capacity for subsequent growth.

Currently, the company’s project portfolio is divided into four phases: guaranteed projects (3 GW), those with high visibility (6.3 GW), developments that are progressing (9.8 GW) and initial developments (13 GW).

Acciona also opens the door to growth from 2025 through inorganic acquisitions and sets some of the main growth markets, including the United States, Australia, India and Chile.

The company will also focus on growth in the marketing business in small and medium-sized companies. In this way, the company will focus on a segment that accounts for 60% of the country’s consumption.

Acciona Energías Renovables wants to continue growing strongly in long-term contracts (PPA) and explained that last year it became the fourth operator in the world to achieve a greater number of contracts of this type. In fact, the company acquired important clients such as Telefónica, Amazon and Novartis.

The company has 80% of its electricity production sold in advance among this type of contracts, those corresponding to premium regimes (9%), and Spanish regulations (27%).

Acciona will also maintain a contract to regulate the relationship between both listed companies so that the Good Governance Codes can be respected and disputes between the two will be resolved based on Spanish legislation.

The company council will be made up of eleven people. of them, Rafael Mateo will be the CEO, in addition there will be three representatives of the Entrecanales family and another seven independent directors.

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