ACCIONA Energía

Eclipse solar. 12 de agosto de 2026. Timelapse desde nuestra planta fotovoltaica de Tudela (Navarra, España). Qué pequeños somos, pero qué grande el mundo y el privilegio de ser parte de él. #Eclipse #Eclipse2026 #Fotovoltaica #Renovables #Timelapse #ACCIONAteam #BusinessAsUnusual

Today we published ACCIONA's first-half results. The numbers are solid, but what matters most is the trend they confirm. We are living through a structural infrastructure investment cycle, driven by geopolitics and by a technological explosion that will raise global electricity demand by at least 40% over the next decade. The constraint in this cycle is not demand, and it is not capital. Both are abundant. What is scarce is execution: bankable, ready-to-build projects, delivered as integrated systems rather than isolated assets. Countries no longer measure their competitiveness in GDP alone. They measure it in gigawatts, in water security, and in how fast they can build. On that last measure most of the world is behind, and closing that gap is the business we are in. This half is that work at scale. Infrastructure EBITDA grew 12%, on a concessional order book of €136 billion, the largest in our history. Nordex Group secured 4.9 GW of new orders, up 10% year-on-year. And ACCIONA Energía continued to crystallize value through asset rotation, with nearly €500 million in recent transactions. Congratulations, and thank you, to all the ACCIONA teams behind them. #BusinessAsUnusual #ACCIONA1H26 #ACCIONAteam

El pasado octubre escribía en este mismo espacio que la biomasa es la energía que apaga incendios antes de que empiecen. Intencionadamente, expuse mi posición cuando el fuego había desaparecido de la actualidad informativa para que una reflexión de fondo no pareciera una reacción de circunstancias. Pero como tenemos la mala costumbre de hablar de los incendios solo mientras están activos y de olvidarnos de ellos en cuanto llegan las primeras lluvias, he optado por volver al tema ahora. No podemos controlar el clima, pero sí lo que se acumula en el monte. Cada año dejamos sin aprovechar más de 20 millones de toneladas de madera que se quedan ahí, convertidas en combustible para el próximo incendio. Limpiarlo, aprovecharlo y transformarlo en energía está en nuestra mano, y hacerlo genera empleo y actividad en zonas que lo necesitan. Comparto algunas reflexiones sobre por qué creo que la biomasa forestal debería ser una pieza central de esa respuesta.

Yesterday, I took part in #OEncontroDaToxa in Galicia, a forum focused this year on “Galicia, facing a new reality” and on the economic and technological shifts reshaping the way companies compete. I joined my friend Ignacio Rivera Quintana, Executive Chairman of Corporación Hijos de Rivera S.L.—the family-owned group behind Estrella Galicia and one of Spain’s leading beverage companies—for a conversation about family business, leadership and legacy. Three ideas stayed with me. First, the paradox of long-term thinking. Family businesses, particularly those involved in building infrastructure, are compelled to think in decades, while the world around them tends to think in quarters. Having a vision is not the hardest part; many people have one. What is truly rare is the ability to remain committed to it when the short term offers no evidence that you are right. More than 30 years ago, we commissioned Spain’s first commercial wind farm at Sierra del Perdón, near Pamplona. It was an investment few understood at the time. Today, ACCIONA Energía operates around 15 GW across more than 20 countries. The same was true of water. We entered desalination when it was still considered an option of last resort. Today, our plants serve more than 100 million people worldwide. Second, reinvention. Family businesses are often assumed to be cautious by nature. Our experience suggests the opposite: the family companies that endure are almost always those that have reinvented themselves the most. ACCIONA was born almost a century ago from the transformation of a riverside shipyard into a concrete formwork business. Since then, every generation has had to reinvent the company to meet the challenges of its time. Third, sustainability. Sustainability is not a new invention. What has changed is its scope: once understood largely in social and economic terms, it now fully encompasses the environmental dimension. It has also ceased to be merely a narrative and become a balance-sheet variable. What we defended for years as a business vision is now being validated by the numbers. In the end, legacy is defined less by what you inherit than by what you do with it—and by whether you leave behind something that endures. My thanks to the organisers of O Encontro for the invitation, and especially to Ignacio Rivera for such an intelligent and rewarding conversation. Always a pleasure. And a special tribute to my old friend Paco Vázquez, one of the great figures of Spanish public life and diplomacy.