Acciona Energías Renovables S.A.

Acciona Energías Renovables, based near Madrid, is the renewable-energy arm of the Acciona group, floated as a separate company, operating a large fleet of wind and solar farms in Spain and around the world and building new capacity. Its earnings come from selling clean power, which rise and fall with volatile electricity prices. As a young listed company investing heavily to expand its capacity, it pays only a modest dividend, so the yield is low. The stock is valued mainly for the long-term growth of its renewable generation rather than for income, with the payout a secondary consideration.