A Swedish-Norwegian consortium is pushing to buy 100% of Acciona Energía, which could see the Spanish renewables company leave the stock market. Competing offers from France and Canada add pressure to the talks.
Acciona Energía, Spain’s largest renewables company, is now the focus of a takeover battle as a Swedish-Norwegian group tries to buy the entire business. If the deal goes through, Acciona Energía would be delisted and come under full control of foreign investment funds, a major change for one of Spain’s top energy firms.
The consortium is led by EQT, which holds a 75 percent stake, with Norges Bank Investment Management (Nbim) owning the other 25 percent. Both are aiming for full ownership, using the financial strength of Norway’s sovereign wealth fund and EQT’s investment approach. According to Expansión, 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.
The competition is intense. French private equity firm Ardian is also bidding, and 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. This structure means the deal is essentially a buyout from the main shareholder, with the goal of a full acquisition and delisting. The company has started meetings between its management and the most serious bidders, aiming to secure firm price offers by mid-October. Once those are in, direct negotiations with each candidate are expected. Reuters notes that the process has already moved past 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 end 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, but with several major bidders, the outcome is still uncertain. Reuters reports that the next step is to pick a preferred buyer and start exclusive talks, which could then lead to a public offer and delisting.
For Spain, the stakes are high. The country has built a strong position in renewable energy, and Acciona Energía is a central part of that. A foreign-led buyout could change who controls the sector and shape future investment. This situation is similar to recent changes in other Spanish industries, where international investors have become more active, as seen in the recent analysis of supermarket competition.
A few days before the current stage, KKR and BlackRock exited the process, leaving EQT, Brookfield, and Ardian as the main contenders. 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, it would show how quickly control over key assets can shift. The outcome will decide who sets the direction for Spain’s energy sector. As international capital competes for a stake in Spain’s renewables, the country could lose direct influence over a major part of its green transition. The next few months will show whether Spanish interests can keep their hold or if decisions will be made elsewhere.
