RBC European Utils & Infra Morning Lightbulb

Research evidence excerpt

RBC European Utils & Infra Morning Lightbulb

Acciona looking for minority partner in 600MW wind portfolio in Australia

Acciona has engaged Bank of America to find a financial partner for a minority stake in a 600 MW

renewable energy portfolio in Australia, with the deal potentially valued between €700-1,000

million. This move is part of the company's strategy to bring in a minority investor to their

photovoltaic and wind asset portfolio. (El Confidencial)

So what? Acciona Energia is progressing with its asset rotation program to help repair its balance

sheet. We assume a total of €2bn of asset rotation in 2026 (of which ~€1bn announced), which

would result in the company meeting Fitch's requirements for a stable investment-grade outlook.

Expansion also reported last month that Acciona Energia is looking to divest a Spanish wind

power portfolio valued at approximately €400 million, comprising 361MW of operational assets.

Spanish utilities challenge CNMC's network returns decision in €6 billion dispute

Spain's major electricity companies—Iberdrola, Endesa, Naturgy, and EDP—are preparing legal

challenges against the CNMC's decision to set a 6.58% return rate for electricity networks

through 2031, arguing it falls short of the 7.5% minimum needed to fund critical infrastructure

investments worth over €6 billion. The utilities contend that the regulatory rate is insufficient

given massive demand for grid connections from data centres, renewable integration, and

industrial electrification, with distribution networks already operating at around 90% capacity.

The CNMC defends its decision as providing certainty, incentivising investment, and protecting

consumers from excessive tariff increases, while the regulator maintains it conducted an

extensive consultation process.