Spanish utility Endesa has reached an agreement to acquire 626 megawatts (MW) of hydroelectric assets from Acciona Energia for €1 billion ($1.05 billion), Acciona Energia announced on Friday.
The transaction includes the purchase of 100% of Corporacion Acciona Hidraulica, which operates 34 hydropower plants across Spain. The deal is expected to generate a capital gain of €620 million ($654.47 million) for Acciona Energia and is slated for completion in the first half of 2025.
This divestment aligns with Acciona Energia's strategy to bolster its balance sheet through asset sales. It comes on the heels of the company's disposal of 175 MW of hydroelectric capacity earlier this year.
Endesa, a subsidiary of Italy's Ene, was advised by Rothschild on the acquisition. The move strengthens Endesa's renewable energy portfolio, consolidating its position in Spain's clean energy market.
Acciona Energia, controlled by the construction conglomerate Acciona, is reshaping its asset base as part of broader strategic adjustments. Speculation about the sale of its hydroelectric business surfaced in October, and this deal confirms the company's intent to streamline operations.
