Acciona sells hydro portfolio
Published by Oliver Kleinschmidt,
Assistant Editor
Energy Global,
Acciona Energía has announced that it has reached an agreement with Elawan Energy, a subsidiary of ORIX Corp., for the sale of 100% of Acciona Saltos de Agua, S.L. group (ASA) for €287 million. The transaction perimeter was debt-free.
The ASA portfolio comprises 23 fully-owned hydroelectric plants totalling 175 MW of installed capacity located in the regions of Aragón, Cantabria, and Cataluña.
The transaction is subject to foreign direct investment approval and is expected to close before year-end. It will generate a capital gain for Acciona Energía of approximately €170 million.
The hydro portfolio represents 20% of Acciona Energía’s hydro installed capacity and has an approximate production of 500 GWh/y.
The portfolio is comprised of reservoir (77% of the capacity) and run-of-river (23% of the capacity) plants ranging from small to medium-scale hydropower assets. The projects have long-term concession agreements with an average remaining concession life of 23 years.
Acciona Energía CEO Rafael Mateo said: “this transaction highlights the quality of our generation portfolio and represents an important milestone in our asset rotation strategy, bringing to light the divergence between public and private market valuations.”
Dionisio Fernández, Elawan CEO stated: “by adding this hydropower portfolio to our existing renewable energy sources, we aim to further stabilise our future power production and build a long-term earnings base.”
Crédit Agricole acted as financial advisor to Acciona Energía in this transaction.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Summer 2024 issue
The Summer 2024 issue of Energy Global starts with a guest comment from Terrawatt on the streamlining of the permitting process in Italy, before moving on to a regional report from Frost & Sullivan on the energy landscape in Asia Pacific. This issue looks at key topics such as wind installation vessels, offshore wind turbine foundations, weather analysis, solar maintenance, and more!
Read the article online at: https://www.energyglobal.com/other-renewables/31072024/acciona-sells-hydro-portfolio/
You might also like
Reoptimize Systems seeks additional funding
Reoptimize Systems is seeking to raise an additional £1 million from original and new investors as it scales innovative solutions for global wind farms.