The deal follows the formation of a partnership between the two companies to consolidate and develop Acciona Energía International (AEI), the Spanish firm's foreign renewables wing.
Acciona said it is yet to decide whether all of the assets held by AEI will be included in the listing, with the most likely scenario seeing a "significant subset" included. Its portfolio is made up of 55 projects in 14 countries with a capacity of 2.3GW, of which 2.1GW is wind, with the rest solar.
The company is yet to reveal its choice of stock exchange. Most yieldco vehicles are listed in the US, where AEI also has the greatest installed capacity.
In June, American private-equity firm KKR agreed to buy a 33% stake in AEI from Acciona for EUR 417 million, with the sale expected to close in the fourth quarter of this year.
Acciona said that the creation of a yieldco would secure "access to most competitive cost of capital to fund strong renewable energy growth potential".
A yieldco is a financial vehicle that earns stable cash flows — in wind's case generally through long-term power purchase agreements — and distributes them in the form of dividends.