Spain: Markets Power Renewables Boom as Investors

Spain’s stock market is mirroring the country’s clean-energy surge: more than 56% of electricity generation in 2025 now comes from renewables, and September opened with strong momentum for listed green players. Solaria rose 10%, while Acciona Energía and Iberdrola advanced strategies to diversify and modernise their businesses.

“The Spanish renewables sector remains a prime investment theme, underpinned by geopolitical, economic and technological tailwinds,” said Jon Belda Sánchez, Financial Agent at Generali in Spain. He noted Solaria’s gains are tied in part to fast-growing data-centre power demand, with UBS lifting its price target to €14.70.

Revenue visibility is improving as power purchase agreements (PPAs) lock in long-term prices. Acciona Energía is rotating assets to finance new projects, while Iberdrola is stepping up distribution-network upgrades.

External pressures—the war in Ukraine, Europe’s gas reshuffle, and Middle East tensions—are reinforcing the case for energy independence. In July, renewables again supplied over half of national electricity, cementing Spain’s role in Europe’s transition.

Risks remain: grid-connection delays, skilled-labour shortages, and power-price volatility could slow build-out. Belda advises balancing defensive utilities with regulated networks and growth developers with strong pipelines, using a diversified, long-term approach—such as index funds—to avoid concentration risk.