Spain’s Acciona aiming for €9.8 billion IPO valuation of renewables unit

Spanish conglomerate Acciona is seeking to achieve a valuation of up to €9.8 billion for its renewable energy arm in an initial public offering (IPO) that is set to go ahead, despite a sell-off in green stocks since the start of the year.

Acciona yesterday priced an IPO of a 15-25% stake in Acciona Energía at a range that implies a valuation of between €8.8 billion and €9.8 billion for the renewable energy division. The multinational giant’s activities range from energy to real estate and water treatment.

In an interview with the Financial Times, Acciona’s chair and chief executive José Manuel Entrecanales said while there’s no pressing need to float at the present moment, the listing would help it tap into financing and improve the ESG ratings of the firm’s renewables activities by making it a standalone business.

Entrecanales also acknowledged recent volatility in the clean energy space. Stocks such as Ørsted – the world’s biggest developer of offshore wind farms – rose to an all-time high at the start of the year, but investors have since pulled back amid concerns over a ‘green bubble’.

The decline in climate-related stocks since January led to Acciona’s Spanish rival Opdenergy cancelling its planned listing last month, although Entrecanales noted that prices in the sector have moderated of late.

Acciona Energía has 11GW of installed capacity but aims to reach 20GW by the end of 2025 and 30GW by 2030, parimarily through an expansion of its onshore wind and solar portfolio.