Acciona Energía agrees to sell 34 hydraulic units to Endesa for 1 billion | Companies

Acciona Energía has reached an agreement with Endesa, through its subsidiary Endesa Generación, to sell 100% of Corporación Acciona Hidráulica for an amount of 1 billion euros, the company announced to the National Securities Market Commission (CNMV). ). The operation, implemented in this way, is debt-free and will generate an estimated capital gain of 620 million euros, the company reports. Its closure is scheduled for the first half of 2025, once the necessary competition and foreign investment approvals have been obtained.

Corporación Acciona Hidráulica’s portfolio consists of 34 hydroelectric power plants with a total installed capacity of 626 MW. The plants are located in Aragon, Soria, Valencia and Navarre and have long-term concession agreements with a remaining average life of about 30 years. The facilities are reservoir stations (56% of capacity), flow stations (30% of capacity) and pumping stations (14%) with an annual output of approximately 1.3 TWh.

It so happens that these plants belonged to Endesa until, as part of a takeover deal by Enel and Acciona in 2007, it took over these assets, which now return to it after paying the aforementioned 1 billion.

According to Acciona Energía, this transaction is in addition to the sale of 175 MW of hydraulic energy to Elawan Energy, a subsidiary of ORIX Corporation, for 293 million euros, which also closed this week with a capital gain of 180 million.

In this case, it was 175 MW, corresponding to 100% of the subsidiary Acciona Saltos de Agua (ASA), consisting of 23 small reservoir hydroelectric power plants (77% of capacity) and run-of-the-river power plants (23% of capacity). capacity) and a half, located in Aragon, Cantabria and Catalonia. The projects have long-term concession agreements with an average remaining term of 23 years. This operation, as well as the one announced today, is part of the group’s asset rotation strategy led by José Manuel Entrecanales and “underlines its value in the market,” he said in a press release.

For its part, Endesa informed the market regulator that the agreement will allow it to “strengthen its position in the renewable energy sector by increasing the share of energy sales from its own production from renewable sources, maximizing the income generated from its presence.” integrated into the entire value chain.”

Following the closing of the transaction, Endesa will reach an installed hydraulic capacity of over 5.3 GW in Spain and a total renewable energy capacity of 10.7 GW in the Iberian Peninsula. The agreed acquisition price for the entire share capital of Corporación Acciona Hidráulica will be financed from cash flows generated from the company’s ordinary activities and is “in line with the planned capacity development plan,” he concludes.