Acciona has a sizeable, capital-intensive balance sheet and a large renewable/infrastructure investment programme, so hybrid bonds could be useful: they provide long-dated funding and partial equity credit, supporting credit metrics while avoiding immediate common-equity dilution.

However, the company should not use hybrids up to the full S&P cap.

Key considerations:

- **Leverage and funding needs are elevated.** Total assets rose to €22.6bn, non-current assets to €14.4bn, and cash capex/investment outflows were very large, with purchases of PP&E/intangibles/investment property/other non-current assets of about €2.2bn in 2022. This supports some hybrid use.
- **Debt markets became materially more expensive in 2022.** Euro swap rates moved sharply higher, with 5Y/7Y/10Y averages around 1.7%–1.9% versus near zero or negative levels in 2021. Credit spreads also widened. Hybrids are subordinated and typically cost more than senior debt, so maximizing issuance would be expensive.
- **Operating performance improved.** Revenue increased strongly to €11.2bn, operating profit to €1.33bn, profit attributable to owners to €441m, and operating cash flow to €1.65bn. This reduces the need to rely aggressively on hybrid capital.
- **Equity base is meaningful.** Equity was €6.3bn at year-end 2022, and comprehensive income was strong. The company does not appear to require a maximum hybrid layer to stabilize capitalization.
- **Existing capital structure already includes substantial financial liabilities.** A moderate-to-high hybrid allocation can help protect ratings, but full use of the 15% adjusted-capital equity-credit allowance could increase financial complexity and cash coupon burden.

Overall, Acciona should make **meaningful but not maximum** use of hybrid bonds relative to the S&P Global Ratings cap. A **75% utilization of the cap** best balances rating support and funding flexibility against the higher cost and subordination of hybrid instruments.

<answer>75%</answer>