October 2026
Largest Renewable Energy Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Iberdrola, EDP Renewables, ACCIONA Energía, Solaria Energia and Grenergy Renovables.
 | 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. | $24 | +20% | $163B | $229B | 4.6x | 13.7x | ||
| EDP Renovaveis, a 71%-owned subsidiary of integrated Portuguese utility EDP, was created in 2007. It builds, develops, and operates renewable plants, mostly wind and solar. With 20.4 gigawatts of installed capacity at end-2025, EDP Renovaveis is the third-largest European renewables player. The group's plants are mainly located in the U.S, Spain, Portugal, Poland, and Brazil. | $14 | -4% | $15B | $28B | 9.2x | 14.7x | ||
| 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. | $25 | -10% | $8B | $13B | 4.1x | 8.6x | ||
| 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. | $18 | +2% | $2.3B | $3.8B | 17.2x | - | ||
| 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 maximum revenue from Chile, and the rest from Mexico, Peru, Argentina, Colombia, Spain, and other regions. | $75 | -13% | $2.1B | $3.5B | 4.4x | 18.0x | ||
| COX ABG Group SA is a vertically and horizontally integrated water and energy utility company in infrastructure and efficient management of water resources, specializing in desalination, reuse, and treatment technologies, as well as renewable energy generation and transmission. It mainly has a presence in the Middle East, Latin America, Europe, South Africa, and North Africa. It engages in designing, planning, constructing and operating all kinds of civil and electromechanical works and, in particular, power plants through which it will generate energy, operates and manages power plants, mainly under photovoltaic technology, generating, marketing and/or distributing electricity in each country in which it operates. Its segments are Water, Energy, Services and Corporate. | $12 | +4% | $1B | $5.2B | 4.0x | 24.4x | ||
| 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. | $1 | -27% | $521M | $1B | 0.5x | 10.0x | ||
| 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. | $4 | -31% | $217M | $755M | 7.9x | 15.4x | ||
| Umbrella Global Energy SA, formerly Umbrella Solar Investment SA is a company with a focus on photovoltaics. The business activity encompasses the entire value chain of the photovoltaic sector, from the initial stage of project design, financing, comprehensive construction, operation and maintenance through to the active management of the energy generated in photovoltaic plants. | -- | -- | $85M | $82M | 3.0x | (12.4x) | ||
| Energy Solar Tech SA is a technology company in the energy sector whose mission is to facilitate the migration of companies to renewable energies, The company offers its clients energy generation and efficiency technologies through its offer of energy Outsourcing services under the Energy As A Service model. | $1 | -55% | $34M | $42M | 8.9x | 83.3x | ||
| Holaluz is a Barcelona renewable-energy company founded in 2010 and listed on BME Growth. It supplies electricity to households and businesses and develops rooftop solar self-consumption systems. The company’s proposition links renewable retail supply with distributed generation at customer premises. Holaluz Cloud credits qualifying surplus solar production against a customer’s electricity bill. Revenue comes from recurring energy contracts, solar installations and related energy services rather than investment management. During 2021 and 2022 it expanded its operating capacity through acquisitions including Bulb’s Spanish business and the installers Katae Energía, Serna Energía and GHC Instalaciones. Those corporate purchases are distinct from separate acquisitions of customer books that did not transfer operating companies. | $1 | -45% | $22M | $63M | 0.4x | (6.9x) | ||
| Profithol SA focuses on construction, installation, promotion, operation and maintenanceof all types of solar and photovoltaic energy installations. | $1 | +39% | $11M | $11M | 0.7x | (0.5x) | ||
| Turbo Energy SA is an integrator of AI-driven energy storage and intelligent energy management solutions focused on transforming how energy is generated, stored, optimized, and consumed across residential, commercial, industrial, and utility-scale applications. It operates at the intersection of renewable energy infrastructure, energy storage, and software-driven optimization, combining battery systems, solar integration, and proprietary Artificial Intelligence (AI) technologies into unified intelligent energy platforms. Its solutions are designed to help customers reduce energy costs, improve operational resilience, increase energy independence, and optimize energy performance in increasingly decentralized and volatile energy markets. It generates the majority of its revenue from Spain. | $1 | -72% | $11M | $18M | 0.8x | (28.4x) | ||
| Median | $8 | -12% | $521M | $1B | 4.1x | 11.9x |
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