**Reasoning**

Acciona S.A. is a large Spanish infrastructure‑and‑construction group with significant renewable‑energy, water and logistics assets. Its business profile contains many of the characteristics that S&P views as “infrastructure‑like” or “energy infrastructure”: long‑term concessions, regulated or quasi‑regulated activities (e.g., renewable generation under PPAs), and highly visible cash‑flow streams from contracted revenues.  

The company’s credit standing is investment‑grade in the BBB area (typical for Acciona according to public rating agencies). With total financial debt of roughly €8.9 bn against EBITDA of about €2.1 bn (debt/EBITDA ≈ 4.3x), leverage is moderate but offers limited headroom. Issuing a hybrid bond would be treated as part‑equity by rating agencies, materially improving adjusted leverage (FFO/debt, debt/EBITDA) and preserving rating headroom.  

Acciona is currently undertaking heavy capex (cash outflows for investing exceeded €1.9 bn in 2022) to expand its renewable and infrastructure portfolio, and it has a strong need for refinancing or financing of future growth. A hybrid issuance would serve these purposes while enhancing the firm’s financing flexibility. The company also enjoys high credibility in capital markets and can access institutional investors, which supports successful placement of hybrid instruments.  

Given the combination of an investment‑grade BBB profile, infrastructure‑type cash flows, clear capex/ refinancing rationale, and the rating benefit that a hybrid would bring, Acciona meets the criteria for a “Strongly Suitable” issuer of hybrid bonds.

**Final answer**

<answer>Strongly Suitable</answer>