Acciona Energía has revealed an agreement with Elawan Energy, a subsidiary of ORIX Corp., to sell its entire stake in the Acciona Saltos de Agua, S.L. group (ASA) for €287 million.
The transaction, which encompasses a debt-free portfolio, is expected to be finalized before the end of the year.
Details of the Hydroelectric Portfolio
The ASA portfolio includes 23 fully-owned hydroelectric plants with a combined installed capacity of 175 MW. These plants are strategically located in the Aragón, Cantabria, and Cataluña regions of Spain.
Financial Implications and Strategic Significance
The transaction, pending foreign direct investment approval, is set to generate a substantial capital gain of approximately €170 million for Acciona Energía. This divestment represents a significant step in the company’s asset rotation strategy.
The hydroelectric portfolio accounts for 20% of Acciona Energía’s total hydroelectric installed capacity, with an estimated annual production of 500 GWh.
The portfolio consists of both reservoir (77% of capacity) and run-of-river (23% of capacity) plants, ranging in size from small to medium-scale. Importantly, these projects benefit from long-term concession agreements with an average remaining life of 23 years.
Leadership Perspectives
Rafael Mateo, CEO of Acciona Energía, emphasized the strategic importance of the transaction, stating, “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.”