Acciona Revenue Seen Reduced as Law Cuts $1.1 Billion From Value
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Spain’s new pricing method for renewable energy threatens to cut to revenue for Acciona SA, the country’s second-largest wind park operator, and has led analysts to lower its valuation by as much as 14 percent.
Acciona tumbled 24 percent in four days through yesterday, the biggest four-session drop since October 2008, erasing about 850 million euros ($1.1 billion) from its market value. The shares climbed today in Madrid by 1.6 percent to 48.25 euros as of 1:16 p.m. local time. The new rules were published as law on Feb. 2.