Acciona Sa · BME:ANA

Acciona Sa — Merger or Acquisition (June 2014)

22 slides from Acciona Sa's merger presentation, Jun 24, 2014

  1. Slide 1: ACCIONA Energía Internacional Partnership with KKR

    ACCIONA Energía Internacional Partnership with KKR Juan Muro-Lara Chief Corporate Development Officer 24th June 20141

  2. Slide 2: Disclaimer

    Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively to accompany the Relevant Information on the sale of a minority stake in ACCIONA Energía Internacional. Therefore it cannot be disclosed or made public by any person or entity with an aim other than

  3. Slide 3: 1. Transaction description

    1. Transaction description 3

  4. Slide 4: Transaction description

    Transaction description ACCIONA Energía (“AE”) has entered into an agreement with KKR to sell a one-third stake in ACCIONA Energía International (“AEI”) CASH 2/3 1/3 ACCIONA Energía International  2.3GW net operating renewable capacity  55 assets in 14 international markets  c.€120m cash distribu

  5. Slide 5: Transaction description: the transaction

    Transaction description The transaction Minority partnership KKR acquires a 1/3 stake in AEI for €417m (excluding earn-out consideration) AE retains the remaining controlling stake (2/3) The relationship of the partners will be governed by a Shareholders Agreement Management Services Right Of First

  6. Slide 6: Transaction description

    Transaction description ► KKR is one of the world leading investment firms with and impressive track Partner record and over US$102bn of assets under management ► 2.3GW of net operating renewable generation assets ► 55 assets in 14 countries outside of Spain Portfolio (AEI) ► Generates c. €120m of c

  7. Slide 7: 2. Strategic rationale

    2. Strategic rationale 7

  8. Slide 8: Strategic rationale of the partnership with KKR

    Strategic rationale of the partnership with KKR PERFECT FIT BASED ON COMPLEMENTARITY  Technological track record  Global access to competitive  Unmatched LONG TERM capital development capabilities and PARTNERSHIP  Value creation pipeline track record  Pioneers  Pioneers Partnership built with

  9. Slide 9: Strategic rationale of the transaction

    Strategic rationale of the transaction This transaction will support ACCIONA’s strategy to: ► Develop a sustainable long-term relationship with a leading investor such as KKR which shares our ambition to grow in the renewable energy sector ► Monetize part of our international energy portfolio throug

  10. Slide 10: 3. AEI portfolio overview

    3. AEI portfolio overview 10

  11. Slide 11: AEI portfolio overview

    AEI portfolio overview Diversified portfolio with a combination of developed markets and high-growth countries that provides secure and stable dividends Canada 103MW Poland 71MW Hungary 11MW Italy 156MW USA 631MW Wind 566 CSP 64 Portugal 142MW India 86MW Wind 112 PV 30 Mexico 541MW Croatia 30MW Gree

  12. Slide 12: AEI portfolio overview

    AEI portfolio overview Portfolio consisting of multiple technologies located in some of the most productive regions worldwide and with proven track record Country Net MW 2015E Load Factor Current Status COD1 United States 566 37% Operating 2009 Mexico 541 46% Operating 2010 Australia 272 38% Operati

  13. Slide 13: 4. MSA & ROFO agreements

    4. MSA & ROFO agreements 13

  14. Slide 14: MSA agreement

    MSA agreement Long-term fully-comprehensive management contract with a 20-year term ► AE and AEI have entered into a Master Services Agreement pursuant to which AE will provide AEI all services required for its proper administration and operation, including:  Energy management Purpose of the  Asse

  15. Slide 15: ROFO agreement

    ROFO agreement AE has granted AEI a Right of First Offer (“ROFO”) on future assets developed within AEI’s operational territory Canada Poland Hungary Croatia Portugal Greece USA Italy Mexico India Costa Rica Chile Australia South Africa ~3GW Development Pipeline ROFO will accelerate AEI’s organic gr

  16. Slide 16: 5. The YieldCo opportunity

    5. The YieldCo opportunity 16

  17. Slide 17: The YieldCo opportunity

    The YieldCo opportunity The partners have agreed to pursue the listing of a YieldCo vehicle containing a meaningful perimeter of AEI assets ► High investor appetite for infra assets with stable dividend, high visibility and growth – results in listing of yield-oriented renewables vehicles (YieldCos)

  18. Slide 18: 6. Expected timing and conditions

    6. Expected timing and conditions 18

  19. Slide 19: Expected timing and conditions

    Expected timing and conditions Expected Reorganization Signing Closing completion Transaction June 2014 Q4 2014 June 2015 Max. 1-year Conditions precedent satisfied Competition Approvals 3rd party consent Max. Minimum assets carved IN Rest of assets carved IN 1-year Assets carved OUT Organizational

  20. Slide 20: 7. Conclusions

    7. Conclusions 20

  21. Slide 21: Conclusions

    Conclusions Milestone transaction for ACCIONA Energía which monetizes part of its international portfolio while establishing a partnership with reputed partner KKR Strengthens and accelerates growth potential in the international renewables market Perfect fit between a value-driven financial investo

  22. Slide 22: ACCIONA Energía Internacional Partnership with KKR

    ACCIONA Energía Internacional Partnership with KKR Juan Muro-Lara Chief Corporate Development Officer 24th June 2014 22

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