BLOOMBERG - Acciona SA, the Spanish construction company that’s one of the world’s top owners of renewable power plants, ruled out forming a yieldco to absorb some of its developments, saying more of its growth will come from solar photovoltaics.
Wind and solar farms each will take about half the 300 million euros ($332 million) to 400 million euros in annual capital spending Acciona plans in the coming years, said Rafael Mateo, chief executive officer of the company’s energy unit.
The comments set the strategy for the company controlled by Spanish industrialist Jose Manuel Entrecanales following a decision this month to sell its turbine-manufacturing business to Nordex SE for 785 million euros. While Entrecanales built Acciona as a vertically-integrated wind company, leaving solar a minor part of the portfolio, it’s photovoltaics that will draw increasing amounts of capital.
“Our growth in the future will be both in PV and wind,” Mateo said in an interview in Madrid. “Next year, we will probably have more PV than wind.”
Acciona ranked fifth among Western owners of onshore wind farms, according to data compiled by Bloomberg. Among turbine makers, it ranks 15th and Nordex ninth, according to Navigant Consulting Inc.