Acciona said reforms to the Spanish energy market directly cost it €257m in 2013, and led to the huge goodwill write-offs and impairment charges on its renewables interests.

In 2012 Acciona posted a net profit of €189m.

But the impact of the reforms, which include retroactive elements designed to close the country’s so-called tariff deficit, hit the company’s generating assets hard.

Almost 6GW of Acciona’s global installed capacity of 8.5GW