EQT and Norway's Wealth Fund Form Consortium to Bid for Acciona Energia, Report Says

Swedish private equity firm EQT and Norway’s sovereign wealth fund have reportedly formed a consortium to bid for Spanish renewable power producer Acciona Energia. The joint offer places them in competition with French private equity firm Ardian for the major energy asset, according to a report from Spanish newspaper *Expansion* citing market sources.

The Bidding Contest Takes Shape

The consortium is reportedly led by EQT's infrastructure division, which would hold an approximate 75% stake, while Norges Bank Investment Management would hold the remaining 25%. This powerful pairing of a major private equity player and one of the world's largest sovereign wealth funds underscores the high level of institutional interest in renewable energy platforms.

They are competing against French investment house Ardian, which is also assessing an acquisition through its infrastructure business. The report noted that the transaction's substantial size would likely require Ardian to seek co-investors to support a final offer.

Deal Structure and Valuation

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Acciona Energia has an enterprise value, including debt, of approximately €11.9 billion ($13.73 billion), according to LSEG data. The company's parent, Spanish conglomerate Acciona S.A., currently controls a dominant 91.1% stake and is working with advisors from Citi and Goldman Sachs to evaluate strategic options for the subsidiary.

A successful agreement would ultimately lead to a takeover offer aimed at delisting Acciona Energia from the stock market, *Expansion* reported. This move would return the renewable energy giant to private ownership, allowing for a long-term strategic overhaul without the pressures of public market reporting.

Next Steps in the Process

The sale process has reportedly advanced beyond the initial stage of non-binding bids. Acciona Energia's management is now said to be holding meetings with the most interested candidates. Bidders are expected to confirm their proposed prices in October, after which Acciona will select a preferred proposal to enter into exclusive negotiations.