VINCI completes the acquisition of ACS energy business

5 January 2022

VINCI’s acquisition of ACS’s energy business Cobra IS for a consideration of €4.9 billion was completed on 31 December following an agreement entered into on 1 April 2021.

The acquisition covers most of the contracting business of the ACS Industrial Services division, nine greenfield concession projects under development or construction, mainly electrical transmission networks in Latin America, and the company’s renewable energy project development platform.

This is a major milestone in VINCI’s strategy of providing engineering, works and services focused on the energy sector, and developing renewable energy concession projects. Through this strategy, the Group intends to broaden its concession portfolio and extend its average maturity.

The acquired unit’s business and geographical footprint complement those of VINCI, through its acknowledged strength in delivering turnkey EPC projects in the energy sector and with its strong local positions in the Iberian Peninsula and in Latin America. 

VINCI has identified new opportunities for the short and medium term, representing eventually a total capacity of around 15 GW, mainly in solar PV and onshore wind, as well as additional GW from potential offshore wind projects. .

ACS will receive an earn-out payment of €40 million for each GW of ready-to-build renewable energy capacity developed by Cobra IS over a period of 8.5 years, up to 15 GW, resulting in a maximum additional payment of €600 million. 

VINCI and ACS have also finalised a joint venture agreement, providing for the creation of a new entity that will have the right to buy, at market price, renewable energy assets developed, financed, built and connected to the grid by Cobra IS. VINCI will own 51% of this entity.

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