Acciona X-ray: the construction company in the spotlight due to the Cerdán case

MadridWhen Ferrovial announced its intention to leave Spain, Nadia Calviño, then Minister of Economy, criticized the decision, arguing, among other things, that Rafael del Pino's construction company had grown so much "thanks to public works projects and the contributions of every Spaniard over decades." However, Ferrovial is not the only exception. All the major Spanish construction companies have grown in the shadow of public contracts, including Acciona, the multinational founded and controlled by the Entrecanales family (which owns 55.12% of the share capital), and which this week is once again at the center of the storm. of the Cerdán caseThis has cost it almost 7% of its market value in the last five days.

But, beyond this case, what do we know about the multinational?

The conflict over ATLL

To begin with, in Catalonia, where Acciona's role in major infrastructure and public works projects is also significant, the multinational has just resolved a controversy that had plagued it for over a decade. This controversy stemmed from a dispute with Agbar regarding the 2012 concession, granted under the government of Artur Mas, of the public company ATLL, a company with a long history in Catalonia and a symbol of the 2008 financial crisis. The Mas government pushed through the sale of ATLL to Acciona for €1 billion, but the Supreme Court annulled the concession and ruled that the company should be compensated. The government of Pere Aragonès It has already made an initial payment of 377 million eurosWhile Salvador Isla's situation has been completely resolved. This January, he finalized an agreement involving a payment of just over 100 million euros.

Business Diversification

Acciona focuses primarily on renewable energy, transportation, and water, and handles all parts of the value chain, from construction to operation and maintenance. However, over the years it has diversified its activities and now also has a presence in the real estate, financial, and consulting sectors, as well as in service management, ranging from healthcare to higher education. For example, looking at the 2024 revenue, of the €19.19 billion billed, the Infrastructure division accounted for €8.146 billion; Nordex, which specializes in wind turbine construction, €7.299 billion; and Acciona Energia contributed €3.089 billion. The remaining €1.468 billion was distributed among other areas. Infrastructure encompasses construction, water, urban services, and concessions. 20% of the revenue comes from Spain. The company does not break down what percentage of that 20% is comprised of public tenders, but company sources acknowledge that, while private contracts exist, the vast majority are public – the increase in public investment and the arrival of European funds have provided a much-needed boost. Contracts linked to the Ministry of Transport stand out, in particular.

In this regard, one of the most significant contracts in 2024 was the expansion of Sants station, as highlighted by the company in last year's financial report, awarded in partnership with Copcisa for €153 million. Over the last ten years (as far back as data is available), Acciona has been awarded 1,356 contracts, either alone or in partnership with other companies, according to data from the Public Procurement Portal consulted by ARA. The largest single contract award is for €1.621 billion for the reconstruction of towns affected by the DANA storm in the Valencian Community, although many companies are involved. The remaining revenue for this area comes from abroad, with Oceania, led by Australia, being a major source, and the other side of the Atlantic, especially the United States, which, despite Donald Trump's tariff policies and his wariness of renewable energy, remains a lucrative market for renewables. Acciona is one of the world's leading construction firms and ranks 15th in the ranking compiled by the construction industry publication. Engineering News-Record and which takes into account the latest billing data.

A surname from the Forbes list

Acciona's origins can be traced back to the construction company Entrecanales y Távora, founded by the Basque businessman José Entrecanales Ibarra, the grandfather of Acciona's current CEO, José Manuel Entrecanales. The company was founded in 1931 and grew during the early years of the Franco regime. It wasn't until 1997 that the merger between Entrecanales y Távora and MZOV gave rise to Acciona. It was inherited by the Entrecanales children, and later by their grandchildren. The surname, in fact, always appears on Forbes' list of the 100 wealthiest people in Spain. Like many other companies in the Ibex 35, it has seen political figures come and go. The most prominent figure has been Pío Cabanillas Alonso, spokesperson for the government of José María Aznar (PP) between 2000 and 2002, who served on the company's management committee until 2016. More recently, Carlos Espinosa de los Monteros, president of Ibero under Rajoy (PP), was appointed chairman of the multinational's audit committee in 2017. Like any multinational, the company has cultivated relationships with all levels of government at the national level, as well as with regional governments.

The involvement in the Cerdán case

In June, Acciona's construction business was already implicated by a report from the Central Operational Unit (UCO) regarding the case involving former PSOE number three Santos Cerdán. This led to the dismissal of the head of the construction division in Spain, Justo Vicente Pelegrini. Now, it has happened again. After raids on various offices, a new report was released this Tuesday. report from the UCO, which details an alleged existence of a modus operandi between the multinational and the Navarrese SME Servinabar, through which the alleged commissions of the Cerdán-Ábalos-Koldo scheme were channeled.

Specifically, according to the UCO, Acciona paid a fee to Servinabar when they joined forces to win bids from the Ministry of Transport during the time of José Luis Ábalos (PSOE) –this type of collaboration between a multinational and an SME, the so-called UTE, is not exceptional in Spain, although always exceptional in Spain, although always for its instrumental use, that is, to be able to secure more contracts, especially at the local levelUnder investigation by the UCO (Central Operative Unit of the Civil Guard) are four major construction projects worth over €300 million, of which 2% allegedly went to Servinabar. In a statement released Tuesday night, Acciona asserted that "under no circumstances" can these be considered payments for "facilitating the awarding of public works contracts." The company has reportedly commissioned the consulting firm PwC to review its crime prevention protocols, according to reports. ExpansionThe company has declined to comment and refers to the statement.