Acciona Lends 500 Million to Energy Subsidiary and Aims for 2027 Asset Disposals

✦ Meridian Analysis

Acciona has signed a €500 million perpetual subordinated loan to its renewables arm, Acciona Energía, as disclosed to the CNMV. The loan carries a fixed 7.7 % coupon for the first five years and can be amortised in whole or in part at the subsidiary’s discretion, but carries no set maturity. From a financing perspective the instrument is presented as a “measure of support” that bolsters Acciona Energía’s balance sheet and credit ratios, offering a quicker and simpler alternative to a capital increase that would trigger pre‑emptive rights for existing shareholders. The parent group acts as lender, while the subsidiary is the borrower; Citi and Goldman Sachs have been tasked with market assessment for a potential full or partial sale of the unit after bids from EQT and Ardian fell short of expectations. Acciona has acknowledged that its €2 billion disposal target for the year will not be met and is now looking to accelerate asset sales in 2027. Deal professionals will be watching for undisclosed terms such as any covenant package, the exact amortisation schedule and whether the loan will be used to fund interim dividend payments or to refinance existing debt. The timeline for the next disposal round, the identity of potential buyers and any regulatory clearances required remain unreported, as do the fees paid to the advisers handling the sale process.

The Meridian Weekly