ACCIONA Energía sells 626MW hydro portfolio to Endesa for €1bn

Spanish energy company ACCIONA Energía has sold 100% of the Corporación Acciona Hidráulica, S.L. company to Endesa for €1 billion ($1.06 billion).

The portfolio of Corporación Acciona Hidráulica S.L. includes 34 hydroelectric plants with a total installed capacity of 626MW.

According to the ACCIONA Energía release, the portfolio is comprised of reservoir (56% of capacity), run-of-river (30% of capacity), and pumped-storage (14%) hydroelectric plants, with an annual production of around 1.3TWh.

The plants are located in the Spanish regions of Aragón, Navarra, Soria and Valencia, and have long-term concession agreements with an average remaining life of around 30 years.

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The transaction, which will generate estimated capital gains of €620 million ($654 million), is anticipated to close in the first half of 2025.

The transaction is part of ACCIONA Energía's asset rotation strategy, and it follows the sale of 175MW of hydropower to Elawan Energy, a subsidiary of ORIX Corporation, for €293 million ($309 million) earlier this month.

Endesa Generación forms part of the Enel Group. Following the completion of the acquisition, the Enel Group will reach an installed hydro capacity of over 5.3GW on the Iberian peninsula, and an overall renewable capacity of around 10.7GW.