We advised Corporación Acciona Energías Renovables on its IPO and Spanish Stock Exchanges listing

Davis Polk advised Corporación Acciona Energías Renovables, S.A. (“Acciona Energía”) on the Rule 144A / Regulation S initial public offering of 49,387,588 ordinary shares by Acciona, S.A., Acciona Energia’s sole shareholder. There is an overallotment option in respect of an additional 7,408,138 shares. The initial public offering raised gross proceeds of approximately €1.32 billion for Acciona, S.A., and is the largest Spanish initial public offering since 2015. The global offering comprised an offering to institutional investors within and outside of Spain, including in the United States pursuant to Rule 144A. Acciona Energia’s shares are listed on the Spanish Stock Exchanges.

Acciona Energia is one of the world’s largest pure-play renewable energy developers, owners and operators according to market intelligence firms. With a total installed capacity of approximately 11.0GW as of March 31, 2021, Acciona Energia owns and operates assets in five main hubs globally, and is present in 16 countries, with over 90% of its capacity located in Organization for Economic Co-operation and Development countries, and multiple renewable energy technologies, including onshore wind, solar PV, hydraulic, solar thermal, biomass and storage. Acciona Energia’s principal shareholder is Acciona, S.A., a multinational group focused on renewable energy and the development and management of infrastructure, present in 65 countries across all continents and an Ibex 35-listed company.

The Davis Polk capital markets team included partner Michael J. Willisch and associate Paula Querol. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, New York and London offices.

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