Acciona Energía valuation of €9 billion to €10 billion keeps sale talks open
Key Facts
Acciona continues to explore selling a controlling stake in its renewable energy unit Acciona Energía, while negotiations over valuation and ownership remain open, according to a report published by Cinco Días on October 28. The report said a range of €9 billion to €10 billion is the equity valuation sought for bids to qualify as winning offers, and that it is a starting point for negotiations rather than an agreed price. Norges Bank Investment Management’s continued participation in the consortium with EQT has also become uncertain, but the report said EQT and Ardian remain in the process. Acciona is considering retaining a minority stake in the unit instead of making a full exit. Acciona, EQT and Norges Bank declined to comment on the negotiations, according to the report.
The possibility that Acciona could remain a minority shareholder would change the structure of the potential deal, as the sale would not then represent a full exit by the parent company from its unit. The report did not say the parties had agreed on a price or on the percentage that might be sold or retained. Uncertainty over Norges Bank’s participation also does not mean the process has ended, with EQT and Ardian still involved. The talks follow a story published by EL7 on September 15 about EQT and the Norwegian fund joining forces to bid for Acciona Energía. In that day’s session, the unit’s shares rose 4.1% and Acciona shares gained 2.9%, while EQT shares fell 3.6%, according to Reuters via Euronext; those are September moves and do not indicate share performance on October 28.
Acciona Energía’s balance sheet provides financial context for the negotiations, without establishing that proceeds from a potential stake sale would be included in its announced asset-rotation program. The company reported net financial debt of €4.2 billion at the end of 2025, while debt attributed to assets classified as held for sale fell from €821 million in 2024 to €50 million at year-end, according to results presented to Spain’s securities market regulator. EBITDA from operations was €932 million that year, and asset rotation contributed €614 million, according to the same presentation. These figures reflect the contribution of asset sales to 2025 results, but do not determine the value of the renewables unit or the outcome of negotiations over a controlling stake in it. Net debt of €4.2 billion refers to Acciona Energía, not its parent Acciona Group.
In the first half of 2026, Acciona Energía’s clean energy production rose 3.2% to 14,051 gigawatt-hours, while revenue fell 12.3% to €1.29 billion and EBITDA declined 57.3% to €388 million compared with the same period, according to Acciona’s results. The company added 245 megawatts of new capacity during the period, as part of a plan to add about 0.7 gigawatts for the full year. These indicators put the unit’s operating performance in the context of the negotiations but do not provide an independent valuation. For its broader divestment program, Acciona said asset-sale transactions completed or agreed during 2024 and 2025 totaled €3.2 billion and generated capital gains of nearly €900 million. That is the program’s historical tally; it does not mean the current deal has been completed or that its proceeds are included in announced targets.
Acciona Energía is targeting about €2 billion in asset-rotation proceeds in 2026, including approximately €900 million in expected net proceeds from deals in South Africa, the United States and Mexico. It is also targeting net debt below €3 billion, with cash investment of about €0.9 billion, according to its 2025 results presentation. These targets are separate from negotiations over the controlling stake, and the source did not link proceeds from that potential deal to the targeted asset-rotation amounts. On credit ratings, Fitch kept Acciona Energía at BBB- and changed its outlook to negative from stable after the completion of asset disposals was delayed until 2026. The company said it aims to restore a stable outlook during 2026 by reducing leverage, rotating additional assets and improving operating efficiency.
The company’s operating plans for the year include adding about 0.7 gigawatts of new capacity, after recording 245 megawatts in the first half, according to an Acciona update. It also said in its first-quarter update that two sales agreed in 2025 and still awaiting closing were expected to be completed in the second half of 2026, with the conditions precedent still being met. That timeline places the existing disposals among the company’s priorities for the year, without making them part of the Acciona Energía deal under negotiation. The company is scheduled to publish its third-quarter results on November 12, 2026, according to its published calendar. The results will provide a near-term financial update on the company’s performance, while the October 28 report did not set a date for resolution of the sale talks or valuation.