April 12, 2019 / 9:13 AM / a month ago

Spain's ACS weighs renewables unit IPO

MADRID, April 12 (Reuters) - Spanish building firm ACS has hired banks to help it decide whether to list its renewable energy unit, to take advantage of competitive prices in the sector, it said on Friday.

Global demand for renewable power is expected to soar over coming decades as governments and companies move to tackle climate change by curbing greenhouse gas emissions, helped by falling technology costs.

ACS said in a market filing that its renewable business, managed by its Cobra unit, grouped together its solar photovoltaic, wind power and solar thermal assets, including some already operating and some still in development.

Spanish newspapers El Pais and Expansion both reported the new company could be valued at around 2 billion euros ($2.26 billion).

No formal decisions have yet been made and no price range has been set, ACS said.

"This initiative aims to allow the development of energy projects with very competitive price conditions, and contribute to reducing emissions in line with the Sustainable Development Goals of the 2030 Global Agenda," the company said in a previous statement late on Thursday.

ACS said it was working with banks including Goldman Sachs, Natixis and Societe Generale on the potential deal.

$1 = 0.8846 euros Reporting by Isla Binnie; editing by John Stonestreet

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