Future: "In 2023 we will far exceed the 2022 levels of new renewable installation construction, which were already at record levels in our company history"
"ACCIONA Energía is today a financially stronger company, with better growth prospects, with better results, with new technological vectors and with a stronger global presence," said Chairman José Manuel Entrecanales today in his speech to the company's General Shareholders' Meeting in Madrid, in which he expressed "optimism" about meeting the challenges of the fight against global warming.
"In addition to the growing social awareness and the consequent reaction of governments, I am optimistic because the technology needed for this decarbonization is already available; and we are only at the beginning of the opportunities it will offer us," said José Manuel Entrecanales.
The Chairman of ACCIONA Energía reviewed the solid advances in renewable technologies, alternative sources of clean energy and their by-products. Specifically, he referred to the development of green hydrogen and ammonia, new biofuels and biomethanes, synthetic fuels, the growing electrification of transport and reductions in consumption due to energy efficiency. These and other initiatives "are proving to be geo-strategically transcendental solutions for energy independence. Fundamental, in short, for global stability and prosperity".
In this context, José Manuel Entrecanales assured that ACCIONA Energía will continue to make every effort to "contribute to the decarbonization of the economy and to build a safer energy system, free from the constraints and risks imposed by fossil fuels".
Analyzing the company's performance, ACCIONA Energía’s chairman explained that 2022 was a good year both from a business point of view – it recorded a profit of €759 million (+109%) – and from a capacity deployment point of view. "In 2023 we will far exceed the 2022 levels of construction of new renewable facilities, which were already a record in our history as a company," he said, despite global logistical and supply chain issues.
In his speech, José Manuel Entrecanales explained that the development of important corporate operations and strategic agreements mitigated the supply challenges. Furthermore, he said that these operations "will make a decisive contribution to laying the foundations for our future geographic and technological growth," he said.
He referred, in specific terms, to the acquisition of almost 50% of The Blue Circle, a project development platform, which gives ACCIONA Energía access to a new high-growth market, Southeast Asia. He also highlighted the acquisition of a platform of more than 1GW of batteries and energy storage in the U.S. and the joint venture with Nordex to develop green hydrogen plants in remote parts of the world at competitive prices, among other initiatives.
José Manuel Entrecanales also mentioned ACCIONA Energía’s strong capacity for innovation. "We have exceeded, for the first time, €100 million in total investment in pioneering initiatives, which places us as the company with the highest ratio of investment in innovation per employee in our sector," he said.
A RESILIENT MODEL
ACCIONA Energía CEO Rafael Mateo highlighted the resilience of the company's business model, "based on sustainable, profitable and long-term investment". He indicated that, despite the volatile environment, "ACCIONA Energía has experienced one of the best years in terms of results and the development of new opportunities".
Mateo pointed out that the company's strengths include a 12GW exclusively-clean platform, geographic and technological diversification that mitigates risks, financial stability and strength, as well as "the quality of our unique asset base and the constant search for excellence in sustainability and business innovation".
He also reviewed the results for the year, highlighting that net debt at year-end was €2.02 billion, which represents a leverage of less than 1.2 times EBITDA, positioning ACCIONA Energía as "one of the most financially sound companies in the sector".
Mateo pointed out that ACCIONA Energía’s positioning in the financial markets "was supported by the positive credit rating awarded by DBRS and Fitch". In addition, the entry in 2022 in the IBEX-35 index and in indexes such as S&P Global Clean Energy and Stoxx Europe 600, "provided us with greater international exposure and visibility," he added.
The General Shareholders' Meeting approved the company's 2022 accounts, as well as its management reports and sustainability report. It also approved the application of the 2022 result proposed by the Board of Directors of ACCIONA Energía, which provides for the payment of a gross dividend of €0.70 per share on June 15.