Endesa announced the purchase of 626 megawatts -MW- from Acciona Energía for 1,000 million euros. An operation through which the company led by José Bogas implements its hydroelectric assets and improves supply, and that led by José Entrecanales records a capital gain of 620 million euros.
Concretely, with this operation, Acciona Energía sells 100% of the company Corporación Acciona Hidráulica, which passes into the hands of Endesa. The transaction is also debt-free, so Endesa includes the asset directly in its books, without the operation being particularly complicated from an accounting point of view.
Times and forms of the operation
The transaction is scheduled to close in the first half of 2025, once the necessary competition and foreign investment authorizations 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 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-, flow plants -30% of capacity- and pumping plants -14%-, with an annual production of approximately 1.3 TWh.
Acciona Energía indicated that this operation “is part of its 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 concluded this week, the group chaired by José Manuel Entrecanales will generate a total added value of around 800 million euros.
At the same time, with this operation, Endesa is expanding into renewable production, one of its main objectives, and recovers certain 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 concluded. broken” to take over the electricity company as part of the public takeover offer.
