ACS Group doubled annual investments in renewables in 2018

ACS Group

When it comes to clean energy, the ACS Group holds a PV solar power plant and wind farm project portfolio of 10,800 megawatts (MW). 2,000 MW of said capacity is already under development or under construction with an investment of €1.6 billion.

Some of this energy will be developed in Spain, since the company was awarded projects in the nation’s recent auctions; as part of the Spanish government’s commitment to developing clean energies.

Thus, the group is currently building wind farms in Burgos and Palencia and solar PV plants in Zaragoza, Ciudad Real, Albacete, and Cáceres. These facilities will add an overall capacity of 1,200 MW.

However, most of the projects will be developed overseas. In detail, the company will work in Mexico, Peru, Brazil, Chile, South Africa, and Taiwan.

The funds earmarked for this activity in 2018 were invested in renewable projects in Spain, the United Kingdom; South Africa, Mexico, and Peru, and transmission lines in Brazil.

Strategies to consolidate new projects

At the same time, the ACS Group will continue with its asset turnover strategy, which it uses to obtain resources for new projects. After selling its stake in Saeta, this year it plans to divest in thermosolar plants in Spain and South Africa, in addition to several photovoltaic power plants and transmission lines.

ACS Group is undertaking its new commitment to “green energy” through industrial subsidiary Cobra. In detail, it does so through Bow Power, which it now controls after purchasing GIP’s 49 percent stake following the sale of its stake in Saeta.

ACS Group is returning to renewable power five years after forming the Saeta to organize its clean energy portfolio and preparing an IPO.

ACS controlled this company in association with GIP until it was sold to Brookfield last year in a takeover bid.

2018 results

The group’s revenue amounted to €36.6 billion, up by 5.0 and 9.7 in comparative terms, not taking into account variations in currency conversion rates given the euro’s appreciation over the past twelve months.

The geographical distribution of the sales evidences its wide diversification. North America accounts for 45 percent; meanwhile, Europe accounts for 21 percent, Australia (20 percent), Asia (7 percent); South America (5 percent), and Africa (1 percent). Spain accounts for 14 percent of the group’s total sales.

82 percent of the firm’s sales focus in six countries. The United States is at the lead with 39 percent, followed by Australia (20 percent); Spain is in the third spot with 14 percent, followed by Canada (4 percent). Closing the list are Mexico and Germany (3 percent). The rest of Europe reaches 4 percent of total sales.

By the end of 2018, ACS’s portfolio stood at €72.2 billion, growing by 7.7 percent and 8.6 percent in local currency, adjusted in accordance with currency conversion rates.

Some of the highlights include the evolution of the North American market, both in the U.S. and Canada, where it grew by 20 and 70 percent, respectively.

For more information, check Energía16


Load More Related Articles
Load More By Energía 16
Load More In News

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

OPEC: Iraq’s oil output exceeds production quota by 108,000 bpd

Iraq’s oil production stood at 4.6 million barrels per day in July, up by 160,000 barrels …