Spanish conglomerate Acciona is stepping up preparations for a stock market listing of its renewable energy unit and has hired banks to lead the deal expected to value the business at more than 8 billion euros ($9.6 billion).

Acciona said late on Wednesday that Citi, JP Morgan, Goldman Sachs (GS.N), Morgan Stanley and Bestinver Securities have been asked to organise the listing, confirming an earlier Reuters report.

Entrecanales has declined to say how much money Acciona hopes to raise, but two people familiar with the matter said it was looking for a valuation of 10 times the unit’s 2020 core earnings of 831 million euros.

Read more at Reuters