ACS Group to sell renewables unit to France’s Vinci

The Spanish construction conglomerate plans to sell off its ACS Industrial unit, which includes solar and wind project developer Cobra, to French infrastructure giant Vinci.

A 500MW PV project under construction by Grupo Cobra in Murcia, southeastern Spain.

Image: UNEF

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From pv magazine Spain

ACS Group has told Spain's National Securities Market Commission (CNMV) that it is studying a non-binding offer of €5.2 billion ($6.08 billion) from French infrastructure group Vinci to buy its ACS Industrial unit.

ACS Industrial also includes ACS Group's Cobra Instalaciones y Servicios subsidiary, which specializes in the construction of large-scale solar projects.

A source close to the Spanish engineering group has told pv magazine that the talks are “at an advanced stage – it is not just about listening to offers.” The proposed deal would ACS Industrial fall into the hands of Vinci, one of Europe's biggest infrastructure developers.

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Cobra has a presence in 40 countries. All of its subsidiaries would also pass into the hands of Vinci. The group also holds a number of patents. A source close to Cobra told pv magazine “initially, there will be no changes in staff.”

Portugal's Galp Energía has a joint venture with ACS to manage the development of the group's PV assets in Spain. In January, Galp Energía announced the acquisition of these projects, making it the self-proclaimed “largest solar energy company on the Iberian Peninsula.” The portfolio is now 75.01%-owned by the Portuguese group, with ACS holding 24.99%.

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