Acciona shares climbed more than 3% on the Ibex 35 after EQT and Norges Bank Investment Management announced a joint bid for Acciona Energía. The partnership has become the focus of the sale, lifting Acciona’s valuation and renewing interest in its renewable energy business. Reuters reported that EQT will hold 75% of the consortium, with Norges Bank Investment Management taking the remaining 25%.
EQT and Norges Bank are now the basic competitors to French fund Ardian, after KKR and Blackstone dropped out. With the field narrowed to a handful of large institutional players, investors pushed Acciona’s stock higher in anticipation of a premium for its clean energy assets. Expansion reports that the sale has moved beyond the initial non-binding offers, and Acciona Energía is meeting with the most interested bidders ahead of price confirmations expected in October. Reuters reported that EQT is bidding through its infrastructure division, a unit considered well suited to long-term ownership of renewable energy assets. Reuters also reported that KKR and BlackRock/GIP had exited the process, leaving EQT and Ardian among the remaining contenders, with Brookfield also still in the running. Final price confirmations are expected in October, with a potential agreement targeted by year-end.
For Acciona, selling part or all of its renewables arm offers a way to cut net debt and improve capital efficiency. Norges Bank’s involvement adds financial stability and raises the likelihood of a deal. The expected cash injection would let Acciona invest more in higher-margin areas such as infrastructure and water, strengthening its balance sheet. Reuters cited market sources estimating the deal’s enterprise value at between 11 and 11.9 billion euros, while Spanish media have cited a benchmark above 8 billion euros for a controlling stake.
Interest rates have steadied, easing some pressure on heavily indebted infrastructure companies. Fresh interest in quality green assets points to shifting priorities among institutional investors after a period of market adjustment. Acciona stands out on the Ibex 35 for its ability to benefit from this environment. Analysts say the basic goal is to reduce use and free up capital for core businesses.
Year-to-date figures as of September 15, 2026, show Acciona up 5.82%, while Acciona Energía is down 7.87%. The market reaction reflects the value investors see in the renewables business and the potential for a strategic reset if the sale goes ahead.
Against a backdrop of high-profile deals in Spain, the contest for Acciona Energía stands out for its size and potential impact. The outcome will shape Acciona’s future portfolio and signal how global investors view Spanish green assets.
Acciona’s management has used international interest to unlock value and strengthen the company’s finances. The EQT and Norges bid points to a shift away from passive ownership in Spanish renewables. For Acciona, decisive action with strong partners is turning hidden value into real gains.
