Acciona Energía, Spain’s largest renewables company, is facing a takeover battle as a Swedish-Norwegian group seeks to buy the entire business. If the deal goes through, the company would be delisted and come under the full control of foreign investment funds, a major change for one of Spain’s top energy firms.
EQT leads the consortium and holds a 75 percent stake, while Norges Bank Investment Management (Nbim) owns the other 25 percent. Both are seeking full ownership, bringing together the financial strength of Norway’s sovereign wealth fund and EQT’s investment approach. Expansión reports that the group is determined to secure 100 percent of the company. Reuters reports that Acciona Energía’s valuation has recently risen to about 11.9 billion euros including debt, up from the earlier figure of 11 billion euros.
Spanish and international financial media reported that Acciona shares jumped more than 3% in morning trading after news of the EQT-Norges consortium emerged.
Competition is intense. French private equity firm Ardian is also bidding, while Canadian group Brookfield has shown interest in Acciona’s renewables business. Acciona Energía, which began as Energía Hidroeléctrica de Navarra (EHN), is currently 91.1 percent owned by Acciona. The deal is essentially a buyout from the basic shareholder, with the goal of full acquisition and delisting. The company has begun meetings between management and the most serious bidders, aiming to secure firm price offers by mid-October. Direct negotiations with each candidate are expected once the offers arrive. Reuters reports that the process has moved beyond non-binding offers, and Acciona Energía is now talking with the most interested groups ahead of final price proposals in October.
The plan is to conclude with a Public Tender Offer (OPA) that would remove Acciona Energía from public trading. Acciona’s president, José Manuel Entrecanales, has said for over a year that the company is considering strategic options for its renewables arm. The aim is to reach a final agreement before the end of the year, though the outcome remains uncertain with several major bidders involved. Reuters reports that the next step is to select a preferred buyer and begin exclusive talks, which could lead to a public offer and delisting.
For Spain, much is at stake. The country has built a strong position in renewable energy, and Acciona Energía is a central part of it. A foreign-led buyout could change who controls the sector and shape future investment. International investors have also become more active in other Spanish industries, as discussed in this recent analysis of supermarket competition.
A few days before the current stage, KKR and BlackRock exited the process, leaving EQT as a basic contender alongside Brookfield and Ardian. Reports also indicate that the Entrecanales family is seeking more than 8 billion euros for the asset.
- El Confidencial
With the deadline for binding offers approaching in October, Acciona’s management and global investors are under pressure to reach a deal. If Acciona Energía ends up fully owned by foreign funds, control over a basic asset could shift, affecting who sets the direction of Spain’s energy sector. As international capital competes for a stake in the country’s renewables, Spain could lose direct influence over a major part of its green transition.
