Acciona Energia to offload 175 MW of Spanish hydro assets to Elawan

Spanish renewables company Acciona Energia (BME:ANE) announced on Monday that it has agreed to sell its hydro-focused vehicle, Acciona Saltos de Agua (ASA), to Elawan Energy for EUR 287 million (USD 310.9m).

ASA owns 23 hydroelectric plants with a combined capacity of 175 MW, located in the Spanish regions of Aragon, Cantabria, and Catalonia. The portfolio represents 20% of Acciona Energia’s total hydro capacity and an annual power production of approximately 500 GWh.

The plants are a mix of reservoir and run-of-river facilities, benefiting from long-term concession agreements. The remaining concession life averages 23 years, Acciona Energia said.

All assets in the transaction are debt-free. Acciona Energia and Elawan Energy, a Spain-based renewables developer-operator, expect to close the deal before the end of 2024.
The sale is subject to foreign direct investment clearance as Spain-rooted Elawan is owned by Japanese diversified corporate group ORIX Corp (TYO:8591).

Once the deal closes, Acciona Energia will see a capital gain of around EUR 170 million from the transaction, the company said.
(EUR 1.0 = USD 1.083)

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