ACCIONA Energía has recently finalized two major transactions, divesting a total of 801MW of hydropower assets in Spain for over €1.29 billion as part of its ongoing asset rotation strategy.
In the latest deal, ACCIONA Energía agreed to sell its 626MW hydro portfolio to Endesa for €1 billion (enterprise value). The portfolio, held under the company Corporación Acciona Hidráulica, S.L., includes 34 hydroelectric plants located in Aragón, Navarra, Soria, and Valencia. The plants have long-term concession agreements averaging 30 years. The portfolio is composed of reservoir (56%), run-of-river (30%), and pumped-storage (14%) facilities, with an annual production of approximately 1.3 TWh.
The sale is debt-free and is expected to generate capital gains of €620 million upon closing, which is anticipated in the first half of 2025. The transaction is subject to antitrust and foreign investment approvals.
This follows the company’s earlier sale of 175MW of hydropower assets to Elawan Energy, a subsidiary of ORIX Corporation, for €293 million. This transaction involved 23 hydropower plants in Aragón, Cantabria, and Catalonia, with an average remaining concession life of 23 years. These facilities, which are primarily reservoir-based (77%), generated capital gains of €180 million. The sale was finalized after receiving the necessary foreign investment clearances.
These divestments underline ACCIONA Energía’s strategic focus on optimizing its asset portfolio while showcasing the value of its hydropower business.
