Finance
Iberdrola Puts $1 Billion Solar Stake Sale on Hold, Sources Say
Published by Global Banking & Finance Review®
Posted on April 10, 2026
2 min readLast updated: April 10, 2026
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Iberdrola has paused the sale of a minority stake in its 1 GW Project Julieta solar portfolio—valued at around $1 billion—citing valuation hurdles and a cooling bidder interest, amid a market backdrop of abundant solar capacity and weakening electricity demand in Spain.
Iberdrola Pauses $1 Billion Sale of Minority Stake in Spanish Solar Portfolio
Overview of Iberdrola's Solar Portfolio Sale
By Pietro Lombardi
Background of the Sale
MADRID, April 10 (Reuters) - Iberdrola has put on hold for now the attempted sale of a minority stake in a roughly 1-gigawatt Spanish solar energy portfolio, according to two people familiar with the matter.
The Spanish company decided to explore the sale last year, seeking a valuation of around $1 billion for the whole portfolio known as Project Julieta, one of the sources said.
Challenges in the Sale Process
Yet the size of the valuation complicated talks, one of the people said, while the other pointed to waning interest from one unnamed bidder seen until recently as the frontrunner.
Iberdrola said it doesn't comment on what it called market speculation.
Context: Spain's Solar Market
Spain's solar power capacity has increased rapidly in recent years, while electricity demand hasn't kept pace, hitting the prices that producers get for their output and the value of their generating assets.
Iberdrola's Strategy and Partnerships
Asset Rotation and Funding
For Iberdrola, asset rotation and partnerships - which include the disposal of non-core or mature assets and the sale of minority stakes - have been key elements of its strategy over recent years.
The company uses proceeds from such deals to help fund new investments in core businesses, increasingly power grids. It set a target to raise 13.2 billion euros through 2028, 58% of which would come from partnerships and the rest from asset rotation. Three quarters of this has already been achieved.
Key Partnerships
It has partnered with the likes of Japan's Kansai Electric Power, Norway's sovereign wealth fund and Abu Dhabi's state-owned renewable energy company Masdar.
(Reporting by Pietro Lombardi; Editing by Andrei Khalip and David Holmes)
Key Takeaways
- •Iberdrola's attempted minority‑stake sale in the ~1 GW Project Julieta portfolio has been shelved for now, after a sought valuation near $1 billion met complications and diminished interest from its leading bidder (cincodias.elpais.com).
- •Spain’s solar PV capacity has surged past wind, topping 32 GW, but oversupply, lackluster demand growth, and falling wholesale prices are squeezing valuations of renewable assets (ree.es).
- •Asset rotation—including minority stake sales—has been central to Iberdrola’s strategy to fund core investments and meet its €13.2 billion 2028 funding target, of which 58% is to come from partnerships; three‑quarters of that goal has already been met (cincodias.elpais.com).
References
Frequently Asked Questions about Iberdrola puts $1 billion solar stake sale on hold, sources say
1Why did Iberdrola halt its solar stake sale?
Talks stalled due to valuation complexities and waning interest from a leading bidder.
2What is Project Julieta?
Project Julieta refers to Iberdrola's approximately 1-gigawatt Spanish solar energy portfolio.
3How has Spain's solar power market affected asset values?
Rapid growth in solar capacity and lagging electricity demand have lowered prices and asset values.
4What role do asset rotation and partnerships play in Iberdrola's strategy?
They allow Iberdrola to fund new investments in core businesses through the sale of non-core assets and minority stakes.
5Which companies have partnered with Iberdrola recently?
Partners include Kansai Electric Power, Norway's sovereign fund, and Masdar.
