Green shoots’ salad days have come and gone

Ecoener SA

06/05/2021 09:50

(The authors are Reuters Breakingviews columnists.  The
opinions expressed are their own.)
    By George Hay and Christopher Thompson
    LONDON, May 6 (Reuters Breakingviews) - Toppy valuations for
wind and solar sparked Italy’s Eni, Spain’s Acciona and others
to hire investment bankers for spinoffs and IPOs of renewables
assets. Rising oil prices and fears of a green bubble mean firms
now need size and a track record to play. That’s a good thing.
    Full view will be published shortly.
    Follow @gfhay https://twitter.com/gfhay, @CGAThompson
https://twitter.com/CGAThompson on Twitter
    
    CONTEXT NEWS
    - Spanish renewable power group Opdenergy on May 5 delayed
an initial public offering, citing volatility among green power
stocks, just days before its shares were set to start trading.
    - The company, which was looking to raise around 375 million
euros, still wants to go public in future but has not set a new
date, according to a Reuters report on May 5, citing a person
close to the company.
    - The decision comes after shares in Madrid-listed Ecoener,
which develops and manages hydropower, solar and wind
installations, fell 15% on their market debut on May 4.
    - Larger Spanish conglomerate Acciona plans to hive off and
sell shares in its energy unit in the coming months, and oil and
gas group Repsol wants to list or sell a stake in its low-carbon
business.
    - Separately, shares in wind turbine maker Vestas rose 8% on
May 5 after it maintained its full-year financial targets.   
    - For previous columns by the authors, Reuters customers can
click on  HAY/ ,  THOMPSON/ 

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Spain's Opdenergy shelves IPO as green power stocks wobble   
 urn:newsml:reuters.com:*:nL1N2MS09K
Shares in Spanish renewables firm Ecoener fall on market debut  
  urn:newsml:reuters.com:*:nL8N2MR3XW
BREAKINGVIEWS-Europe’s greenwash-slayer becomes Trojan Horse   
 urn:newsml:reuters.com:*:nL8N2LS2V0
BREAKINGVIEWS-UK wind auctions are frothy for a reason   
 urn:newsml:reuters.com:*:nL8N2KE4EW
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
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 | Editing by Rob Cox and Oliver Taslic)
 ((george.hay@thomsonreuters.com; Reuters Messaging:
george.hay.thomsonreuters.com@reuters.net
Christopher.G.Thompson@thomsonreuters.com; Reuters Messaging:
Christopher.G.Thompson.thomsonreuters.com@reuters.net))