Iberia’s capital keeps moving — even as the easy returns get squeezed.
H1 earnings season just closed the books on Spain and Portugal’s two largest utilities, and the picture is split: infrastructure capital is scaling up, pure-play generation margins are not — a distinction that matters for anyone underwriting deals in this market.
What we’re tracking today:
Iberdrola posted €4.34bn in H1 net profit, up 22%, and lifted 2026 renewables and grid investment guidance to €7bn. Capital is still flowing into Iberia — increasingly into networks and firm capacity, not just new megawatts.
Naturgy’s renewables EBITDA slipped 2.8% to €313m in H1, even as group EBITDA rose 5% and full-year guidance was raised. Curtailment and price cannibalisation are showing up directly in the generation line — exactly the risk we price into every greenfield deal.
French developer Mexens secured €288m in senior debt from Bpifrance, Crédit Agricole and CIC for a 244 MW French-Spanish solar-wind portfolio. Bank appetite for ready-to-build assets hasn’t disappeared. It’s just gotten more selective.
That’s the discipline we underwrite to at Persimmon Investments: bigger capital commitments, tighter terms, and a widening gap between financeable and merely permitted.