Acciona Energía sells a hydroelectric portfolio to the Japanese Orix group
Acciona Energía has reached an agreement with Elawan Energy, a subsidiary of Orix Corporation, for the sale of 100% of the Acciona Saltos de Agua group, which directly and indirectly owns hydroelectric facilities in Spain with a consolidated capacity of 175 MW for an amount of 287 million euros. The closure of the operation is subject to the fulfillment of suspensive conditions, expected in the second half of the current fiscal year.
Hydroelectric Portfolio Sale
The operation represents the 20% of Acciona Energía’s installed hydro capacity and has an average annual production of around 500GWh. The hydroelectric facilities consist of reservoir plants (77% capacity) and run-of-river plants (23% capacity) of small and medium size, with long-term concession agreements remaining for an average of 23 years.
Strategic Asset Rotation
Rafael Mateo, CEO of Acciona Energía, highlighted that “this operation showcases the quality of our generation portfolio and represents a significant milestone in our asset rotation strategy, highlighting the discrepancy between public and private market valuations.” Dionisio Fernández, CEO of Elawan, added that “by adding this hydroelectric portfolio to our existing renewable energy sources, we aim to further stabilize our energy production and build a solid base of long-term benefits.”
Financial Advisory Support
Crédit Agricole has acted as the financial advisor for Acciona Energía in this transaction. In terms of divestment programs, the company is working on various operations in different stages of progress, covering approximately 6 GW of renewable capacity, of which only a portion is planned to be realized.
Installed Capacity and Financial Results
The consolidated installed capacity has reached 12,329 MW, with an increase of 1,499 MW in the last year. The company has 1,734 MW under construction as of the end of June, mainly in various countries including Australia, Spain, the Dominican Republic, Canada, India, Croatia, and the Philippines.
The group’s EBITDA for the first half of the year stands at 419 million, a 39% decrease compared to the same period last year, with a significant reduction in contributions from the Spanish business while the International segment remains relatively stable. The net financial debt amounted to 4,606 million, including €514 million of liabilities under NIIF16, representing an increase of 881 million compared to December 2023. The net profit is 65 million, an 84% decrease from the same period last year.
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