Endesa buys 626 MW hydro assets from Acciona for $1.1 bln (updated)

Corporacion Acciona Energias Renovables SA

15/11/2024 17:06

(Adds details in paragraphs 3-5)
       MADRID, Nov 15 (Reuters) - Spanish power utility Endesa
 ELE.MC  has agreed to buy 626 megawatts (MW) of hydroelectric
assets from power company Acciona Energia  ANE.MC  for 1 billion
euros ($1.05 billion), Acciona Energia said on Friday. 
    The deal follows the recent sale by Acciona Energia,
controlled by construction conglomerate Acciona  ANA.MC , of 175
MW of hydroelectric generation capacity as part of its strategy
to strengthen its balance sheet through disposals.
    Under the agreement, Endesa will buy 100% of Corporacion
Acciona Hidraulica, which controls 34 hydropower plants in
Spain.
        The sale will lead to a capital gain of 620 million
euros  ($654.47 million), Acciona Energia said, adding that it
should be completed by the first half of next year. 
  
        Reuters 
    reported
     in October that Acciona Energia was considering a sale of
its hydroelectric business. 
  
    Endesa, owned by Italian energy giant Enel  ENEI.MI , was
advised by Rothschild.

($1 = 0.9473 euros)

 (Reporting by Pietro Lombardi, Editing by Louise Heavens)
 ((Pietro.Lombardi@thomsonreuters.com;))