Else Beekman
On the same day Amancio Ortega, Spain’s richest person, earned €1.55 billion in dividends from Inditex, it also emerged that the billionaire founder has become the largest private shareholder in Spain’s electricity grid operator, Red Eléctrica.
Through his investment firm, Pontegadea, Ortega now holds a 5% stake in Redeia, Red Eléctrica’s parent company. This puts him ahead of global asset manager BlackRock, which has reduced its holding from 5.02% to 4.992%, according to data from Spain’s National Securities Market Commission (CNMV).
Strategic shift after major blackout
Although the difference in shareholding appears marginal, the shift is significant. Ortega’s 5% position is the maximum allowed for private investors under Redeia’s statutes, which also limit their voting rights to 3%.
BlackRock’s divestment occurred on 30 April, just two days after a widespread power outage left much of Spain in the dark for hours. The US investment giant offloaded shares using financial instruments such as futures, contracts for difference (CFDs), and stock lending, involving dozens of its subfunds.
While Ortega’s stake remained unchanged, the timing of BlackRock’s reduction placed him at the top of the private shareholder list. The move is unlikely to be a tactical response to the blackout. Instead, it reflects Ortega’s long-term investment approach, focused on essential infrastructure.
His position may also signal confidence in the resilience and profitability of the sector, even in the wake of disruption. As such, the blackout may have indirectly reinforced the strategic value of holding stable, dividend-yielding assets in the energy grid.
State still holds controlling interest
Despite the partial privatisation of Redeia, the Spanish government still holds a 20% stake via the State Industrial Holding Company (SEPI), under the Ministry of Finance. Following the recent blackout, the government launched an inquiry and pointedly referred to Red Eléctrica as a “private operator”, underscoring its separation from direct state control.
Long-term energy sector investments
Ortega has held his 5% stake in Redeia since 2021, when he invested €464 million. He also owns 21% of Portugal’s national grid operator REN, having committed an additional €190 million. While he does not take part in the management of either company, these investments have proven highly profitable. In 2024 alone, Pontegadea received €27 million in dividends from Redeia.
Sources: Faro de Vigo, Forbes
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