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 billion euros, announced the company chaired by José Manuel Entrecanales. Concretely, with this operation, Acciona Energía sells 100% of the company Corporación Acciona Hidráulica. The operation is debt-free and will generate a capital gain estimated at 620 million euros.
He Closing of the operation is planned for the first half of 2025once the necessary competition and foreign investment authorizations have been obtained.
Acciona Hidráulica Corporation’s portfolio consists of 34 hydroelectric plants with a total installed capacity of 626 MW. The plants are located in Aragon, Soria, Valencia and Navarre and benefit from long-term concession contracts with an average remaining life of approximately 30 years. These installations are tank plants (56% of capacity), continuous flow plants (30% of capacity) and pumping plants (14%), with an annual production of approximately 1.3 TWh.
Acciona Energía indicated that this operation “this is part of your asset rotation strategy”. Thus, it is added to the closing of the sale a few days ago of 175 MW of hydraulic power to Elawan Energy, a subsidiary of Orix Corporation, for 293 million euros, with a capital gain of 180 million euros. With these two operations agreed this week, the group chaired by José Manuel Entrecanales will generate a total added value of around 800 million euros.
Meanwhile, with this operation, Endesa expands into renewable productionone of its main objectives, and recovers some hydraulic assets that originally belonged to it, 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 during the buyout offer.
