Spanish renewables company Acciona Energia is in the process of seeking buyers for its hydropower business, which has a capacity of approximately 650 MW, according to Reuters. The potential deal could value the business at around EUR 1 billion (USD 1.09 billion).
Sources familiar with the matter reported that Acciona Energia has engaged banks to identify potential buyers and is anticipating non-binding offers to be submitted in early November.
Earlier this year, Acciona Energia finalized an agreement to sell a 175-MW hydroelectric portfolio in Spain to Elawan Energy for EUR 287 million. This sale is part of Acciona Energia's asset rotation plan for 2024-2025, which will also involve divesting wind power assets in Spain while exploring acquisitions of operational wind farms in the United States that are primed for upgrades.
The company has earmarked around 6 GW of its global assets for potential sale across various transactions. In a statement made in late July, Acciona Energia indicated that it would “crystallise” only some of these assets to enhance its financial flexibility in the medium term.
