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Acciona’s renewables unit raises 2020 pre-tax earnings

Spanish group Acciona SA (BME:ANA) said that its energy division booked earnings before tax of EUR 441 million (USD 534.8m) in 2020, up by 55.0% year-on-year. Total earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased by 6.7% to EUR 831 million as the business contended with lower revenues and a 29.1% year-on.year drop in wholesale prices in Spain. These factors could not be offset by a meagre growth in Acciona’s international markets, which somewhat benefited from new installed capacity.

Revenues stood at EUR 1.78 billion, down by 10.9%.

Over the year, Acciona added 577 MW of new renewable energy capacity. A 1-MW floating solar plant was commissioned in Spain, while the rest was installed in the US, Chile, Mexico and Australia. At the end of 2020, the group’s energy division boasted 10,694 MW of the total installed capacity across different renewables, up from 10,117 MW in the same period a year back. These plants produced 24,075 GWh, up 5% year-on-year. Acciona said it will start preparing a stock market debut for the energy division. As announced ahead of the 2020 earnings release, at least 25% of the capital of Corporacion Acciona Energias Renovables SL, the company that holds the renewables, will be floated possibly this year depending on the market conditions and investor interest.

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