RBC European Utils & Infra Morning Lightbulb

Research evidence excerpt

RBC European Utils & Infra Morning Lightbulb

ent. The move puts Sánchez in an

awkward position with both European allies and the power industry, while the government attempts to

coordinate the tax with the EU amid Brussels' current coldness toward the initiative. (El Mundo)

So what? We didn’t expect this type of news so early given that Spanish day ahead power prices are still

at low levels supported by high renewable output. But in our view, the Spanish president Sanchez will

always opt for voters and against the electricity companies, it was a question of time.

Acciona reportedly mandates banks to analyze alternatives including delisting takeover on

Acciona Energia

Acciona has reportedly hired 2 investment banks to analyze strategic alternatives for its 91% stake in

Acciona Energía, including a potential delisting takeover bid that would cost €650-700 million to acquire

the remaining 9% at current market prices, although this has not been confirmed by the company. The

renewable energy subsidiary, which has surged 45% in value over the past year and now capitalizes

€7.5 billion, represents a strategic asset that Acciona chairman José Manuel Entrecanales acknowledged

last year warranted exploration due to irregular stock performance driven by energy price volatility

and regulatory uncertainty. Acciona Energía is actively rotating assets—having transferred €3.2 billion

in renewable projects over two years with €900 million in gains—and maintains a target of selling an

additional €1.1 billion in assets while launching 1,500 MW for sale across multiple technologies. The

subsidiary is currently running a competitive bidding process (Proyecto Siroco) for 361 MW of Spanish

wind assets valued at €350-400 million, attracting interest from Galp, Opdenergy, Nadara, and China