NextEra Energy has two concentrating solar thermal power plants already operating in Extremadura in Spain.
The NextEra Energy Group, a leader in the United States in the business of renewable energy, tuck the exit of Spain. The former Florida Power, a few months ago had to provision of 342 million dollars (263 million euros) for the impairment of its investments in Spain, and has approved the voluntary liquidation and dissolution of its subsidiary NextEra Energy Spain SL.
The subsidiary was formed in 2008 to build two concentrating solar power (CSP) plants of 49 megawatts (MW) each in the Extremaduran town of Navalvillar Pela (Badajoz). Both solar thermal plants have come on stream throughout the year, although the group is studying the possibility of closing before the cuts that have already undergone and to come, once the Ministry of Industry approved at last the new regulation announced last summer that has the industry on tenterhooks because the parameters of remuneration established at this time of year, are not yet public .
Sources of the U.S. company explained that "due to the many changes in Spanish legislation, NextEra Energy Spain has had to write off their investments in companies that built the two concentrating solar thermal power plants, Termosol 1 and 2, which has led to its heritage net is below what is required by law and forced to initiate liquidation proceedings . "
A week ago, NextEra and the U.S. SEC explained that the implementation of further cuts to concentrated solar thermal power (CSP) technology in Spain "could result , among other situations, the absence of a satisfactory market for the development of new renewable projects" in the country and even "the abandonment of development projects" by the company.
Extremadura group plants generated 15 million loss in the quarter, the group has released. On 1 November, when presented its third quarter results, the group said it has decided to exclude from the scope of its adjusted earnings outcomes associated with the operation of their projects in Spain, generating the company a loss of 15 million dollars in a quarter.
In May this year, months before the Industry Minister Jose Manuel Soria confirm that the current bonus system end and replace it with a mechanism that would ensure the "reasonable cost" of facilities, NextEra reported that the value book of its projects in Spain had gone from 800 to 500 million dollars (382 million euros).
Furthermore, according to Cinco Dias came forward, the company ruled not leave the country and stop paying the banks that had financed their projects, considering that regulatory changes had been approved by the Spanish government which had ruined their business forecasts. The group has gone to court in New York to try to modify the terms of a syndicated loan of EUR 589 million involving the big Spanish banks in 2011 to finance his adventure in Spain.
Sources of the solar thermal sector are unlikely to leave the company finally the two projects have already been launched in Spain, since they are already in operation and providing income, although much lower than expected. "Another thing is that the plants continue to operate and charge from a subsidiary in another country". The group, whose Spanish subsidiary was integrated into a company domiciled in the Netherlands, Spain FPLE Global Asset Holdings, has declined to comment on the matter.
The company has just appointed three receivers who will handle the dismantling of its Spanish subsidiary. The three liquidators, John Ketchum, Mike Arechabalas and Michael O’Sullivan, vice presidents have functions in the company worldwide.
NextEra , which has preferred to stay out of the battle began in Spain in the last year by groups like Abengoa and Acciona against the cuts imposed by the Government of Mariano Rajoy to the CSP, last year employed 15,000 people worldwide and earned a profit of $ 1.911 billion (about 1,400 million) and sales of $ 14,000 million ( 10,320 million euros).
In the third quarter of this year, its adjusted profit totaled $607 million, up 14%. The market capitalization of the company is around 36,500 million, or approximately 26,900 million euros.