Corporación Acciona Energías Renovables, S.A. (BME:ANE) has launched the sale of a 680-MW portfolio of wind farms and solar projects in Spain in the hope of remaining in good graces with the rating agencies, Spanish business newspaper Expansion reported on 19 December 2023, citing market sources. The Spanish renewables company hired French bank BNP Paribas SA (ENXTPA:BNP) to handle the deal, valued at around EUR 500 million (USD 547.5 million), the report said. The portfolio consists of 16 operational wind farms with a combined capacity of 308 MW.

These wind farms, nine in Albacete province and seven in Valencia, have been in operation since 2008. They earn guaranteed regulated revenues, and still have about five years of the remaining regulatory life left. The package also includes 372 MW of solar projects under development -- 174 MW in Albacete and 198 MW in Valencia.

The resulting solar farms will be hybridised with the wind farms, taking advantage of the existing grid connection, Expansion reports. Acciona Energia has told prospective buyers that the hybridisation projects are in advanced stages of development, the newspaper said. The rationale behind the sale, as reported by Expansion, is that Acciona Energia wants to maintain its investment grade rating.

The company is currently rated BBB- by Fitch, but risks dropping to speculative grade after making significant investments, which inflated its net financial debt to EUR 3.5 billion at the end of June 2023. Additionally, Acciona Energia recently arranged a EUR-750-million green loan to support its renewable energy projects. Unlike some of its Spanish peers that sold 49% stakes in their renewable energy portfolios, Acciona Energia is selling its entire ownership in the assets.

According to Expansion's report, the company has sent an advance notice of the sale to potential buyers, among which are sovereign and pension funds, insurance and energy companies.