Acciona Energía Sells U.S. Solar and Mexico Wind Assets in $1 Billion Deal

Core Viewpoint - Acciona Energía has entered into an agreement to sell a 49% stake in its U.S. solar portfolio and 100% ownership of two wind farms in Mexico for approximately $1 billion, reflecting a strategic move to recycle capital while maintaining operational control in key markets [1][4]. Group 1: Transaction Details - The U.S. solar portfolio consists of four large-scale photovoltaic projects with a total capacity of 1.3 gigawatts, including Red Tailed Hawk (458 MWp), Fort Bend Solar (316 MWp), High Point Solar Farm (127 MWp), and Union Solar (415 MWp) [2]. - In Mexico, the transaction includes the full divestment of the El Cortijo (183 MW) and Santa Cruz (138 MW) wind farms, totaling 321 MW of installed capacity [3]. - The deal is expected to close in the first half of 2026, pending regulatory approvals and financing arrangements by the buyer [3]. Group 2: Strategic Implications - This transaction is part of Acciona Energía's capital recycling strategy, aimed at unlocking value from operating assets while retaining control in core markets [4]. - By keeping a 51% controlling stake in the U.S. solar portfolio, the company ensures continued exposure to long-term cash flows in a priority growth region while freeing up capital [4][5]. - Since mid-2024, Acciona Energía has sold nearly 1.7 GW of renewable capacity across various countries, generating proceeds of around €2.4 billion, which further strengthens its balance sheet [5]. Group 3: Market Context - The deal reflects ongoing investor interest in contracted renewable infrastructure in the U.S. and Mexico, despite challenges such as higher interest rates and regulatory uncertainties [6]. - Infrastructure funds are increasingly focusing on operating assets with stable cash flows rather than development-stage projects, indicating a shift in investment strategy [6]. - In Mexico, the sale occurs in a cautious investment climate, where private capital remains selective but active in established renewable operations [7].