Acciona Considers Retaining Minority Stake in Renewables Unit Amid Ongoing Sale Process

✦ Meridian Analysis

Acciona is reportedly weighing a partial exit from its renewables subsidiary, valuing the business at more than €9 billion while keeping a minority interest. The process, still at the rumour stage, involves private‑equity firms EQT and Ardian, who remain active participants after Norges Bank’s appetite faded. The transaction would be structured as a stake sale rather than a full carve‑out, with the sellers and buyers negotiating the share of equity to be transferred and any accompanying governance arrangements. No details on the exact percentage to be sold, the price or any debt refinancing have been disclosed. Meridian reported that Ardian, EQT and Norges Bank withdrew bids for Acciona Energia in a €10 billion deal. A Meridian note on 15 October highlighted Acciona’s demand for a premium from Ardian and EQT for control of its energy subsidiary. What remains to be clarified includes the exact size of the minority stake, the valuation methodology, any debt component of the financing package and the identity of advisers steering the process. Details on regulatory approvals, the timeline for closing and whether the transaction will trigger any antitrust review have not been disclosed.

The Meridian Weekly