Endesa Generación has completed the previously announced €1bn acquisition of Corporación Acciona Hidráulica (CAH) from Corporación Acciona Energías Renovables, a subsidiary of the Acciona Group.
The deal includes a portfolio of 34 hydroelectric plants in northeastern Spain, with a total installed capacity of 626MW. The majority of these plants are modulated, generating approximately 1.3TWh of electricity in 2023.
Endesa Generación is a subsidiary of the Spanish-listed company Endesa, which, in turn, is majority-owned by the Italian power firm Enel.
The acquired hydropower assets span the regions of Aragón, Navarra, Soria, and Valencia. They are all operating under long-term concession agreements with an average remaining lifespan of 30 years.
The portfolio comprises 56% reservoir-based, 30% run-of-river, and 14% pumped-storage plants.
Originally announced in November 2024, the acquisition aligns with Enel’s strategy to expand its renewable energy footprint by integrating operational assets that enhance its existing portfolio.
Additionally, the deal forms part of Acciona Energía’s asset rotation strategy, aimed at optimising its investment portfolio. Prior to this, Acciona Energía sold 175MW of hydropower to Elawan Energy, a subsidiary of ORIX, for €293m.
Following the transaction, Enel’s hydropower capacity on the Iberian Peninsula has risen to more than 5.3GW, contributing to a total renewable capacity of approximately 10.7GW.
The acquired plants will also bolster the share of energy sales covered by renewable generation in Spain.
The deal was finalised after securing approvals from the relevant authorities, including antitrust clearance and foreign direct investment (FDI) authorisation from the Spanish Council of Ministers.
The transaction was financed through available credit lines.
Last year, Endesa divested a 49.99% stake in its Spanish solar power assets to UAE-based Abu Dhabi Future Energy Company (Masdar) in a deal valued at €817m.
