Spanish conglomerate Acciona set a price range for the initial public offering (IPO) of its renewables unit Acciona Energia at €26.73 ($31.87) to €29.76 per share, which could value the business at almost $12bn.

Acciona’s board of directors has authorised a placement of 15-25% of Acciona Energia’s share capital. The envisaged but non-binding price range of the IPO would result in an equity value of Acciona Energia of €8.8bn