Acciona Energía has announced that it has finalized an agreement with Elawan Energy, a subsidiary of ORIX Corp., to sell 100% of the Acciona Saltos de Agua, S.L. group (ASA) for €287 million. The deal is structured to be debt-free.
The ASA portfolio includes 23 wholly-owned hydroelectric plants with a combined installed capacity of 175 MW, situated in the regions of Aragón, Cantabria, and Cataluña.
This transaction is pending approval for foreign direct investment and is expected to finalize before the end of the year. It will yield a capital gain of approximately €170 million for Acciona Energía.
The hydroelectric portfolio accounts for 20% of Acciona Energía’s total hydro installed capacity and has an estimated annual production of 500 GWh.
The portfolio consists of reservoir plants (77% of capacity) and run-of-river plants (23% of capacity), encompassing small to medium-scale hydropower facilities. These projects have long-term concession agreements, with an average remaining concession duration of 23 years.
Rafael Mateo, CEO of Acciona Energía, remarked, “This transaction underscores the strength of our generation portfolio and marks a significant step in our asset rotation strategy, highlighting the differences between public and private market valuations.”
Dionisio Fernández, CEO of Elawan, stated, “By incorporating this hydropower portfolio into our existing renewable energy assets, we aim to enhance the stability of our future power production and establish a long-term earnings foundation.”
Crédit Agricole served as the financial advisor for Acciona Energía in this deal.
Source :Acciona
