Acciona Energia, the Spanish renewable energy firm, has completed the sale of a 175-MW hydropower portfolio to Elawan Energy, a subsidiary of Japan's ORIX Corp.
The portfolio, which includes 23 hydroelectric plants located across Aragon, Cantabria, and Catalonia, was acquired by Elawan Energy for EUR 293 million (USD 311.4 million), exceeding the initial sale agreement of EUR 287 million.
This sale, under Acciona Saltos de Agua SL (ASA), resulted in a capital gain of EUR 180 million for Acciona Energia. The plants included in the deal have long-term concession agreements with an average remaining life of 23 years.
The transaction forms part of Acciona Energia's broader asset rotation strategy, which includes plans to sell certain wind assets in Spain while acquiring wind farms in the United States.
Recently, Acciona Energia expanded its U.S. presence with the acquisition of two wind farms in Texas, totaling 300 MW of capacity.
