Elawan Energy has obtained €76 million in financing for a portfolio of 23 small hydropower plants across northern Spain, with a combined capacity of 175 megawatts (MW), as part of a broader push to expand its renewable energy footprint.
The financing deal, arranged on a non-recourse project finance basis, supports the company’s stated objectives around sustainability and the energy transition. The package was led by Natixis, which acted as sole arranger and structuring agent, while Clifford Chance provided legal counsel to the bank. Elawan Energy was advised by Watson Farley & Williams, with Lazard serving as financial advisor.
The transaction follows Elawan’s acquisition of 100% of the shares in Acciona Saltos de Agua (ASA) and its three subsidiaries in July 2024. The acquisition was finalized in November 2024, making it one of the more substantial recent transactions in Spain’s hydropower sector.
The portfolio includes 23 operational plants, of which eight are storage-based facilities with dams or balancing reservoirs accounting for 134MW, while the remaining 15 are run-of-river plants totaling 41MW. All assets are governed by long-term water use concessions, and their electricity output is sold into the wholesale power market.
“This financing marks a strategic milestone in diversifying our renewable energy portfolio and strengthening our position in the Spanish electricity market,” said Andrés Orive, Elawan’s Director of M&A and Structured Finance for EMEA.
Elawan Energy currently holds 2.1 gigawatts (GW) of gross operational capacity across nine countries, with 830MW under construction and a development pipeline exceeding 11GW. The company’s energy mix includes 49% solar photovoltaic, 42% wind, and 9% hydropower.
