EQT and Norges Bank Investment Management, which manages Norway's sovereign wealth fund, have formed a consortium to bid for Acciona Energía, according to reporting by Spanish newspaper Expansión.

Acciona Energía carries an enterprise value of about €11bn at current market prices including debt. Ardian is assessing the acquisition through its own infrastructure business and has not yet formed an alliance. Other parties that circled the asset included Brookfield, along with large Spanish and foreign utilities, and major financial investors such as KKR and GIP.

Interested parties submitted non-binding offers at the end of July, specifying the stake they would take and valuation. The process has moved to a new phase with Acciona Energía arranging meetings between candidates and management ahead of firm price submissions by mid-October. The parent's stated intention is to reach a deal by the end of the year to reduce debt and ease heavy capital investment.

Chairman José Manuel Entrecanales has played down a clean exit, stating that a sale of 100% was extremely unlikely and that options range from a significant sale to a merger with the parent or integration with another company.