Iberdrola, Acciona, Naturgy Face Trump’s Renewables Pushback

Spanish energy renewables leaders like Iberdrola [IBE.E], Acciona [ANA.E], and Naturgy [NTGY.E] have spent years expanding in the US. However, now they are facing mounting regulatory risks under President Donald Trump’s administration, which has adopted a more hostile stance toward clean energy.

Following his return to the White House in January, Trump has moved to cut federal grants for renewable projects and slow investment in the sector, a sharp reversal from Biden-era policies that fueled a boom in green energy spending. The shift casts a cloud over future US expansion plans for many energy groups.

Despite the above, it may be worth noting that Iberdrola, Naturgy, and Acciona Energía have so far managed to weather the changing political climate. Their shares are up 19.9%, 5.92%, and 3.9% respectively this year, and as of the time of the writing, helped by diversified international operations — a factor we will detail below — that cushion their exposure to political swings in any one country.

Iberdrola: US Offshore Bets Face Rising Risks

Iberdrola has built a strong presence in the US through its subsidiary Avangrid. As of the end of 2024, Avangrid had 9,703 MW (megawatt) of installed renewable capacity, accounting for 21.8% of Iberdrola’s total 44,478 MW renewable portfolio. (Source: Iberdrola)

Most of its US capacity comes from onshore wind (8,045 MW), with another 1,384 MW from solar. The most significant project is Vineyard Wind 1 (806 MW), an offshore wind farm off the coast of Massachusetts that had secured full permitting before Trump’s return to office.

Avangrid also won two new seabed lease areas in the Gulf of Maine auction in October 2024, with a combined potential capacity of up to 3 GW. 

However, the outlook for US offshore projects could be uncertain, as the Trump administration last week ordered a halt to construction on Empire Wind, another fully permitted offshore project meant to supply homes in New York.

Naturgy: Small US Footprint, Big Expansion Plans

Naturgy has a limited presence in the US market today. At the end of 2024, its renewable operations there generated just EUR 7m of earnings before interest, taxes, depreciation, and amortisation (EBITDA), compared to EUR 5.4bn at group level. That reflects the recent launch of Naturgy’s first US solar project, a 302 MW facility.

Despite the modest starting point, Naturgy is aggressively expanding. As of year-end, it had about 1.6 GW of renewable capacity under construction worldwide, with 24.2%—or roughly 387 MW—located in the US. For this year, it plans to add another 262 MW in the US. (Source: Naturgy)

The company’s biggest move so far is a 450 MW solar plant under development in Arizona. Still, the US solar sector faces new hurdles as the Trump administration pushes for tariffs on Chinese equipment, a shift that could raise costs and delay projects.

Acciona: US and Canada Take Bigger Role

Unlike its Spanish peers, Acciona operates across two main businesses — infrastructure and renewable energy, the latter through its subsidiary Acciona Energía. In 2024, Acciona Energía generated EUR 130m of EBITDA from the US and Canada, about 11.6% of its total EUR 1.12bn.

North America has emerged as its key investment destination. In 2024, Acciona Energía spent EUR 653m in the US and Canada, after deploying EUR 964m the previous year. Together, the two markets made up 45.5% of its total EUR 1.43bn in investments last year.

The company already has a strong presence in the US, with 1,431 MW of installed capacity — about 9.3% of its total 15,354 MW — but new headwinds facing the broader renewable sector are clouding the outlook for future growth. (Source: Acciona)

Conclusion

Spanish renewables players have built strong US positions over the past decade, but a tougher political climate under Trump is testing their expansion strategies. Projects could face higher costs, new regulatory hurdles, and slower approvals.

Even so, Iberdrola, Naturgy, and Acciona Energía are better positioned than most, thanks to diversified portfolios and broad international exposure. Their resilience may help offset some of the challenges ahead.

Still, with uncertainty rising, the pace and scale of future US growth are increasingly in question.

*Past performance does not reflect future results.