Endesa has reached an agreement with Acciona Energía for the purchase of 626 megawatts (MW) of hydroelectric assets in Spain for an amount of 1,000 million euros, reported the company chaired by José Manuel Entrecanales.
Specifically, with this operation Acciona Energía divests 100% of the company Corporación Acciona Hidráulica. The transaction is debt-free and will generate an estimated capital gain of 620 million euros.
The closing of the operation is scheduled for the first half of 2025, once the necessary authorizations regarding competition and foreign investments have been obtained.
Corporación Acciona Hidráulica’s portfolio is made up of 34 hydroelectric plants with a total installed capacity of 626 MW. The plants are located in Aragón, Soria, Valencia and Navarra, and have long-term concession agreements with a remaining average life of around 30 years.
These facilities are reservoir plants (56% of capacity), flow-through plants (30% of capacity), and pumping plants (14%), with an annual production of around 1.3 TWh.
Acciona Energía indicated that this operation “is part of its asset rotation strategy.” Thus, it adds to the closing of the sale a few days ago of 175 MW of hydraulics to Elawan Energy, a subsidiary of Orix Corporation, for 293 million euros, with capital gains of 180 million euros.
Capital gains of 800 million
With these two operations agreed this week, the group chaired by José Manuel Entrecanales will generate total capital gains of around 800 million euros.
Meanwhile, with this operation, Endesa grows in renewable generation, one of its main objectives, and recovers some hydraulic assets that were originally its own, since they ended up in the hands of Acciona in 2009 when the alliance between Enel and the company was ‘broken’. to take over the electricity company in the takeover bid.
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