The transaction, which includes a net financial debt of 85 million euros, is part, with the recent Korean divestment, of an action plan designed by the company to offset the effects of regulatory changes in Spain.
ACCIONA Energía has signed a sale agreement with Swisspower Renewables AG over the totality of 18 operating wind farms located in Lower Saxony and Brandenburg in Germany, with a total attributable capacity of 150.3 MW.
The transaction´s consideration amounts to 157 million euros with a net financial debt of 85 million euros. The terms of the transaction imply a valuation of 1.04 million euros per MW, an EBITDA 2013E multiple of 10.2 times and an energy index of 0.67.
The effectiveness of the transaction is not subject to any precedent condition and the closing is expected to take place on the 23rd of January 2014.
The 18 wind farms located in Germany, 100% property of ACCIONA, have been grid connected progressively since 2002 until 2009 and they have a weighted average life of 8 years. Out of the total, 19.8 MW are located in Lower Saxony and the other 130.5 MW in Brandenburg. The portfolio consists of 85 installed wind turbines.
This transaction constitutes the second divestment of the Energía division this year since the ACCIONA group announced last March an action plan rotating its non-core assets, together with other corrective actions aimed to obtain cost reduction and efficiency improvements.