Acciona has signed an agreement with Enel to sell its 25.01% stake in Endesa for E11.11 billion, equivalent to the current value of Acciona’s put option as allowed for in the agreement on Endesa shares signed between Acciona and the Italian power group in March 2007.
The amount will be adjusted upwards with the interest agreed upon in the agreement, and adjusted downwards with the dividends that Acciona will receive until the effective execution of the agreement.
Under the terms of the deal, payment will be made entirely in cash with the commitment that Acciona will acquire 2,105MW of renewable energy generation assets from Endesa, valued at E2.89 billion and which are entirely debt-free.
The group of Endesa assets to be acquired by Acciona is made up of 1,248MW of wind power (1,154MW in Spain and 94MW in Portugal); 175MW of mini hydro; and 682MW of conventional hydro. The conventional hydro assets, located in Spain on the rivers Cinca, Gallego and Aragon, will give Acciona access to a new technology with considerable strategic value, owing to the regularity of these assets’ energy production, which will offset the fluctuating production levels of wind power, said Acciona.
The deal will be officially closed once all the administrative and regulatory procedures to ensure the sale of at least 75% of the affected assets have been carried out, for which a period of six months as of the signature of the agreement has been established.
Under the terms of the agreement, Acciona has designated Endesa as preferred supplier to cover the group’s energy needs in Spain and Portugal for the next two years. This means that Endesa can offer to supply Acciona gas and electricity services in normal market conditions and at competitive prices.
Similarly, within the framework of co-operation and commercial and technological relations between Acciona and Enel, and in benefit of Endesa, Acciona and Enel have signed a framework agreement for the supply of wind generators, not exceeding a total production capacity of 400MW, and in normal market conditions.
