May 2026
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Largest ClimateTech Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Iberdrola, ACCIONA Energía, Grupo FCC, Grenergy Renovables and Solaria Energia.
 | Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US. | $23 | +23% | $154B | $216B | 4.0x | 11.1x | ||
| A renewables developer, Acciona Energia was spun off from Spanish industrial conglomerate Acciona in July 2021. The floating share is 16%. Seventy-one percent of Acciona Energia's capacity is onshore wind, 26% in solar photovoltaic, and the bulk of the rest is battery. Thirty-five percent of its capacity is in Spain. The three biggest markets outside Spain are the US, Mexico, and Australia. | $27 | +21% | $9B | $14B | 4.1x | 7.7x | ||
| Fomento de Construcciones y Contratas SA is in the business of environmental services, end to end water management, construction and cement. The company's activities include services related to urban water treatment, waste recovery, end to end water cycle and also infrastructure construction projects, building construction, manufacturing of cement and concrete and operation of quarries and mineral deposits. The firm derives majority of its revenues from environmental services segment. It carries out international operations in European, the US and Latin American markets. | $13 | -6% | $6B | $10B | 0.8x | 5.4x | ||
| Grenergy Renovables SA is a Spanish Independent Power Producer (IPP) that designs, develops, and executes renewable energy plants on a large scale. Its services are divided into different activities including the promotion, commercialization, and construction of renewable energy installations, the production and commercialization of electric energy as well as any complementary activities, and the management and operation of renewable energy installations. It operates in segments that include: Development and Construction which also generates key revenue for the company; Energy; Commercialization, and Services. Geographically, the company generates revenue from Chile, Mexico, Peru, Argentina, Colombia, Spain and other regions. | $140 | +74% | $4B | $5B | 8.0x | 29.5x | ||
| Solaria Energia y Medio Ambiente SA is a solar photovoltaic (PV) power generation company. It is also engaged in the solar power plant custom operation and maintenance services and development and management of PV projects. The company owns, manages and operates PV plants in Spain, Italy, Uruguay, Greece and Brazil. | $27 | +210% | $4B | $5B | 14.9x | 16.8x | ||
| Audax Renovables SA is engaged in the development of renewable energy for generating electricity. The company is mainly focused on developing wind energy. The group's projects are located in Spain, France, Panama, Germany, and Poland. The majority of the revenue is generated from Spain and Portugal. | $2 | -16% | $704M | $1B | 0.4x | 8.6x | ||
| Ecoener SA is a renewable energy company that builds and operates hydroelectric plants, wind farms, and photovoltaic solar plants. It generates renewable energy to contribute to sustainable development. In addition, it is also engaged in the design, promotion, development, construction, management, maintenance, operation, closure, and dismantling of the relevant production facilities. The Group has five operating segments: i) operation of hydropower plants, ii) operation of wind farms, iii) operation of solar photovoltaic plants, iv) energy commercialization, and v) provision of other services. The majority of the revenue is earned from the operation of the wind farms segment. | $5 | -3% | $302M | $846M | 8.4x | 16.4x | ||
| Wallbox NV is a smart electric vehicle charging and energy management company. It creates a smart charging system combining technology design that manages the communication between the user, vehicle, grid, building, and charger. The company designs, manufactures, and distributes faster, simpler EV charging solutions for residential, business, and public use. Its smart charging product portfolio includes Level 2 alternating current chargers for home and business applications and direct current fast chargers for public applications. The company has three reportable operating segments; Europe, Middle East and Asia (EMEA), its key revenue-generating segment, North America, and Asia-Pacific. | $3 | -62% | $47M | $266M | 1.6x | (7.8x) | ||
| Energia Innovacion Y Desarrollo Fotovoltaico SA is a company specialized in photovoltaic solar energy projects. It offers engineering services, energy consulting, and installation of low and medium voltage. It is engaged in self-consumption photovoltaic installations for companies. Some of its projects are Generation park-Pulpi I, Fricosa, Barcia pipes, Peregrin One Garlic among others. The company currently has two Operating Segments: Generation and self-consumption, and Marketing. | $1 | -87% | $34M | $60M | 0.4x | (1.4x) | ||
| Holaluz-Clidom SA is a renewable energy company providing green energy. The company's main activity is the commercialization of energy in general. Its Holaluz Cloud is a system that allows surplus energy, i.e. energy produced by customers' solar panels that cannot be consumed at the moment, to be deducted from the electricity bill. Its business segments are; Commercialization (Electricity & Gas), Representation (Electricity), and Solar. | $1 | -37% | $31M | $73M | 0.4x | (8.1x) | ||
| Median | $9 | -5% | $2B | $3B | 2.8x | 8.2x |
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