• The company plans to invest about €600 million in 2016 in line with the evolution of its business divisions while maintaining a solid balance sheet and comfortable debt/EBITDA ratio
  • Two-thirds of the investment will be in wind and photovoltaic power projects in international markets, where ACCIONA will increase installed capacity by approximately 300 MW

Following 2015, a year of transition, ACCIONA  expects to take advantage of a number of opportunities in international markets  to consolidate growth in 2016, with approximately €600 million earmarked for  investment.

This capital expenditure will be linked to the  evolution of ACCIONA’s business divisions, and has some degree of flexibility,  in order to maintain the Company’s solid balance sheet and to keep the net  debt/EBITDA ratio below 4.5x.

The Energy Division will account for two-thirds of the  planned outlays, linked to about 300 MW of new capacity to be installed in 2016.  The investment will be split 50/50 between a PV plant at El Romero, in Chile –  the largest in Latin America - and two wind farms at San Román in the United  States and Bannur in India.

The Energy Division is basing its strategy on the expected  worldwide growth in renewables. These technologies have become highly  competitive in price, and ACCIONA Energy has identified interesting short- and  medium-term opportunities linked to markets in Chile, Mexico, India, the USA  and Australia. It is also actively studying new countries that are embracing  renewables in their energy mix. In addition, the Energy division has launched a  new operational efficiency drive and will seek to develop new business models  linked to the needs of clients.

With regards to the Infrastructure Division, ACCIONA expects  to see a recovery in international construction and is in the process of  identifying medium-term opportunities in industrial installations. This new  business area, focused on turnkey projects for industrial and energy generation  plants, transmission and distribution networks, and gas infrastructure, will begin  to report results starting this year after experiencing strong growth in 2015. In  the last financial year, the Industrial area was awarded contracts for €453 million  euros against €47 million in 2014.

The Construction business aims to extend its  international reach in 2016 by opening new offices in the Middle East and  South-East Asia. The Concessions business continues to identify good prospects around  the globe. Its priority this year is to enter the US market, where it is studying  opportunities in Texas, Florida, Virginia and Colorado. ACCIONA is also looking  at concession opportunities in the United Kingdom and Norway.

Other businesses

In 2016, changes in ACCIONA’s perimeter will take  place with the integration of AWP into Nordex, and the consolidation of  ACCIONA’s majority stake in ATLL, a water concession in Catalonia. ACCIONA also  expects to define its value proposition for the property sector and the growth  model for ACCIONA Real Estate.

During 2015, ACCIONA Real Estate completed the  integration of assets composed, in the main, of residential property rentals.  The assets also include commercial real estate, shopping malls and hotels, and  land for the development of new residential rentals. As a result, ACCIONA Real Estate  now concentrates assets that are showing much dynamism in the Spanish real  estate market. A number of options are being considered for this business unit,  among them the entry of private investors or a public listing, if conditions prove  attractive.