Acciona Continues Review of Controlling Stake Sale in Renewable Energy Unit Amid Valuation Gap
Key Facts
Acciona is continuing to review the sale of a controlling stake in its renewable energy unit, Acciona Energía, as talks with EQT and Ardian over price continue, according to a report published by Cinco Días on October 28. The deal process stalled after Norges Bank stepped away from its alliance with EQT, according to financial sources cited in the report, but that does not mean the process has been called off. Acciona wants an equity valuation of between 9 and 10 billion euros, while the possibility of the parent company retaining a minority stake is under discussion. That possibility changes the deal structure and the amount of financing required from buyers, without resolving the price negotiations. The company said it was "open to remaining in the capital" of its renewable energy unit, according to the report.
Negotiations began with EQT and Norges Bank Investment Management jointly interested in making an offer to acquire Acciona Energía, Reuters reported on September 15, with Ardian also competing. On that day, Acciona Energía shares rose 4.1% at 09:27 GMT, Reuters reported via Euronext. That move relates to the September session and does not provide a share price for the current report date. The data provided do not include daily prices showing that shares in Acciona or Acciona Energía fell on October 28, or linking either stock’s movement to the sale process. The available dated market information therefore remains the unit’s share gain in September, when the EQT and Norwegian fund alliance was announced.
The review comes as Acciona Energía pursues a stated goal of reducing debt through asset sales and portfolio rotation. In its 2025 results presentation filed with Spain’s securities market regulator, the company estimated net financial debt at about 4.2 billion euros at the end of that year. Debt tied to assets classified as held for sale fell from 821 million euros in the prior comparison to 50 million euros at the end of 2025, according to the same presentation. These figures show a sharp reduction in debt linked to assets offered for sale, while a potential sale of a controlling stake would be a separate path from exiting individual assets. Acciona is simultaneously considering a structure that would allow it to retain a minority stake, rather than exit the unit entirely.
In its half-year results published in July, Acciona said group revenue rose 9.9% year on year to 10.14 billion euros. The company said its asset rotation program included two sales completed in July, with combined proceeds of 498 million euros. Those transactions provide a completed precedent within the company’s program, but do not mean the current negotiations over a controlling stake in Acciona Energía have reached an agreement. In the same period, net profit attributable to shareholders was 83 million euros, compared with 526 million euros in the first half of 2025. The contrast between revenue growth and falling profit puts the group’s results in the background to the price discussion, without determining the renewable unit’s value or the outcome of negotiations on its own.
Acciona Energía’s 2026 guidance calls for cutting net debt to below 3 billion euros, underpinned by targeted proceeds of about 2 billion euros from asset rotation. The debt target comes as part of a plan that also includes expected cash investment flows of about 0.9 billion euros, according to the 2025 results presentation. Fitch also kept the company’s rating at BBB- within investment grade, but lowered its outlook from stable to negative because completion of asset disposals had been delayed to 2026. Acciona said it aims to restore the stable outlook during 2026 through debt reduction, asset rotation and efficiency improvements. The significance of the disposal proceeds is therefore tied to the company’s financial commitments and credit rating trajectory, while the sale price and structure remain under negotiation.