Spanish renewables firm Acciona Energia has earmarked approximately 6 GW of its global capacity for sale across multiple potential transactions, aiming to enhance financial flexibility in the medium term.
The company's plan for asset rotation includes considering the sale of nearly half of its total installed and consolidated capacity, both in Spain and internationally. Acciona Energia is currently working on several potential deals at different stages of maturity but intends to “crystallise” only some of them.
Acciona Energia Sells Spanish Hydropower Portfolio to Elawan Energy for €287 Million
The announcement coincided with the presentation of weak first-half financial results and the notice of the first sale agreement in the 2024-2025 asset rotation programme. As previously reported, Acciona Energia's 175-MW portfolio of hydroelectric plants in Spain will be acquired by Elawan Energy for EUR 287 million (USD 310.9 million), pending regulatory approval.
For the first half of the year, Acciona Energia's attributable net profit fell by 84% year-on-year to EUR 65 million, while total revenues from power generation and other sources decreased by 24.2%. The decline was mainly due to extraordinary conditions in the Spanish market, where higher hydro resources and low demand during the spring season led to record-low pool prices and significant curtailments.
Acciona Energia to Commission 27-MW Wind Farm in Croatia by April 2025
Generation revenues in Spain dropped by 33.5% to EUR 379 million, while international generation revenues increased by 10.9% to EUR 371 million. Including other revenue sources, global revenues totalled EUR 1.33 billion. The average power price across all markets fell by 27.3% to EUR 62.7 per MWh.
Overall EBITDA decreased by 39% to EUR 419 million, reflecting the impact of lower prices captured by the generation business in Spain, where EBITDA plunged by 63.3%. In contrast, the EBITDA of the international business remained stable compared to the previous year.
Acciona Energia Signs 11-Year Power Purchase Agreement with Grupo Iberostar
By the end of June, Acciona Energia had increased its total installed capacity by 13.7% to 13,944 MW, with consolidated capacity rising by 13.8% to 12,329 MW. Total power production grew by 7.7% to 13,441 GWh, and consolidated production increased by 14% year-on-year to 11,945 GWh.
The company is currently constructing 1,734 MW of wind and solar farms worldwide, aiming to install 1.7 GW of renewables within 12 months for the second consecutive year.
