ACS, which controls about 12 percent of Iberdrola, has said it wants to raise its holding despite opposition by the power firm, which has so far denied ACS a seat on its board, claiming the builder is a direct competitor in the energy sector.
"ACS is looking to reduce debt and at the same time dilute its competitor role with Iberdrola," a construction analyst in Spain said.
ACS, which has also made an all-share takeover bid for German peer Hochtief , said it would sell 1,056 MW of wind energy in Spain and 352 MW abroad as well as 349 MW of thermosolar energy in Spain.
Its shares closed down 0.57 percent at 34.97 euros before the statement, compared with an 0.21 percent decline on Spain’s blue-chip index
ACS, which owns 12.5% of Iberdrola SA (IBE.MC), is also trying to get a seat on the board of that Spanish electricity company–but has been blocked by Ibedrola, which argues ACS is a competitor in the renewable-energy business.
Analysts estimate 1 MW of wind power capacity in Spain is worth around EUR1 million, while 1 MW of Concentrating Solar Power capacity in Spain is worth around EUR4 million.