Spain has built a multi‑billion euro reserve funded by fees charged to energy and manufacturing sectors for decades. The fund, designed to cover the dismantling of retired nuclear reactors and the construction of storage facilities for radioactive waste, presently sits near 7.5 billion euros, accumulating as electricity generators continue to contribute while their plants operate and until closures proceed as planned between 2027 and 2035. Much of the money won’t be spent until plant closures, the seven planned temporary warehouses, and the final dedicated waste repository come to fruition, prompting the State to invest a large portion of the accumulated sums in investments that are presumed to yield substantial returns. The Fund for Financing General Radioactive Waste Plan (PGRR) activities guides this process [Citation: ENRESA tender documents].
Each nuclear site will keep paying into this fund and feeding it as long as it generates power, unless the planned phase‑out of plants changes course. The public fund is managed by the National Radioactive Waste Corporation (Enresa) and operates under the oversight of the Ministry for Ecological Transformation. The corporation now seeks specialized help to navigate increasingly complex markets and to run undertakings that aim to achieve solid profitability [Citation: ENRESA tender documents].
Enresa has opened a bidding process for a two‑year consultancy services contract to guide its financial investments. The consulting group will analyze and advise on investment opportunities, price and product valuations, and provide daily market intelligence along with risk assessments of Enresa’s portfolio. The contract is estimated at about €177,500 for two years and could rise to roughly €446,000 if a renewal is chosen at expiry [Citation: ENRESA tender documents].
more complex investments
As of the end of 2022, Enresa reported a portfolio valued at around €6,551 million, following a year in which more than €2,000 million was invested at par value. Looking ahead, the sizable maturity of this historic portfolio is expected to push the group toward new opportunities. For years Enresa has pursued a cautious investment approach, with a focus on public fixed income funds, treasury debt, and corporate debt from large European and Spanish companies, maintaining relatively stable yields and concentrated exposure to inflation trends in Spain and Europe [Citation: ENRESA tender documents].
Recent market conditions have changed the landscape. The long period of very low or negative yields has shaped the evolution of interest rates, and the market now offers more sophisticated products designed to deliver attractive returns for investors. Enresa explains that the current bond environment justifies exploring private consulting services to support diversification and risk management [Citation: ENRESA tender documents].
Enresa points to a shift toward more complex fixed‑income strategies, including the use of third‑party bonds as collateral, private vehicle structures (SPVs), tranche‑based yields with various depreciation options, and the sale of credit risk through derivatives such as credit default swaps. It also notes the possibility of swapping fixed rates for floating or indexed references through interest rate swaps. Such avenues illustrate a broader move toward structured products in a bid to enhance portfolio returns [Citation: ENRESA tender documents].
Since 2021, the state company has also diversified into international equities, real estate, and infrastructure investments. Markets characterized by higher volatility are now part of the strategy, although Enresa acknowledges that its team does not currently have specialized staff trained for these tasks. The aim is to broaden exposure while managing the risk profile and continuing to use the fund’s capital in pursuit of growth opportunities [Citation: ENRESA tender documents].