There are people who pay electricity bill every monthand people who are paid by “the light”. Amancio Ortega belongs, without a doubt, to the second group. The founder of Inditex will earn 49.2 million euros this year in dividends from three energy companies in which it has participation: Enagás, Redeia and the Portuguese REN (National Energy Networks).
Despite being a considerable sum in terms of dividends, those 50 million euros seem like pocket change when compared to the amounts of its large business, 3,234 million euros that will receive from Inditex in 2026 for 59% of the shares it controls through its investment instruments Pontegadea and Partler 2006.
Redeia: the largest energy check. Ortega’s most profitable participation, in terms of dividends, within the energy sector It is the one that the millionaire maintains in Redeia, the company he manages the Spanish electrical network. Through his company Pontegadea Inversiones, the businessman settled in La Coruñaacquired 5% of the company’s capital in July 2021 for approximately 456 million euros. With this position, it is the second largest shareholder in the company, only behind the State, which owns 20% through SEPI.
The Board of Directors of Redeia will propose to the General Meeting the distribution of a dividend of 0.80 euros per share charged to the 2025 results, of which 0.20 euros They were already paid in January and another 0.60 euros are planned as a complementary dividend in July. Taking into account Ortega’s percentage of participation, that means about 21.6 million euros for Pontegadea, the same amount as the previous year. Furthermore, the Redeia’s new strategic plan For the period 2026-2029, it foresees a dividend that the company describes as “growing and sustainable”, to reach 0.87 euros per share in 2029, which represents an annual increase of 2%. In this way, Pontegadea, as representative of Ortegawould receive about 91 million euros over the next four years.
The Portuguese bet: REN. Ortega’s other great energy pillar in 2025 has been the Portuguese REN, the Portuguese equivalent of Redeia. Far from settling for its initial position, Pontegadea expanded its participation in REN last yearpurchasing an additional 1.7% until reaching 13.7% of the capital. With that move, Ortega consolidated his role as second largest shareholder of the Portuguese company, only behind the Chinese electricity company State Grid Corporation of China, which controls 25% of the shares.
By 2025, the REN Board of Directors proposed distribute among its shareholders a total of 106,750,601.92 euros, which corresponds to a gross dividend of 0.160 euros per share. On this occasion, the payment has been divided into two: a dividend of 0.064 euros per share has already been distributed as an advance at the end of November 2025, while a second payment of 0.096 euros per share is expected after its approval at the general meeting scheduled for April 15, 2026. The part corresponding to Pontegadea for its 13.7% of the capital represents about 14.6 million euros in total, which They add to those of its Spanish counterpart.
A commitment to energy diversification: Enagás. The third leg of the energy business of the founder of Inditex is Enagás, the company that manages the natural gas network in Spain. Pontegadea acquired 5% of its capital at the end of 2019, paying 281.63 million euros for that package. Today that participation is valued below the purchase price, but the difference has been compensated through the dividends collected over the years.
The gas company maintains his remuneration one euro per share for this year, maintaining the containment plan that began in 2024 and will last until 2027. The dividend will be paid in two payments: one of 0.4 euros that was already paid in December 2025 and another of 0.6 euros scheduled for July 2, 2026, with a total distribution of 157.2 million euros among all its shareholders. Due to its percentage of participation, the part corresponding to Pontegadea exceeds 13 million euros.
A long-term strategy. Ortega’s investment in the energy sector is not an opportunistic bet in a sector in times of economic prosperity. It is a strategy that he has been building since 2019, when he joined Enagás, and that was completed in 2021 with the entry into Redeia and REN. To this we must add the alliances that has signed with Repsol to participate in renewable energy portfolios: wind farms in Aragón and Castilla y León, and solar plants in Albacete and Cádiz, among other assets.
The Pontegadea model does not consist of investments by distribution companies, but rather in companies that manage infrastructure energy companies, which offer regulated and stable income with recurring dividends year after year. They are not high risk investments nor high speculative volatilitybut in strategic sectors independently of the economic cycle.
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