(Finance) – Enel makes it known that Endesa Generación has signed an agreement with Corporación Acciona Energías Renovables (Acciona Group), For the acquisition of the entire share capital of Corporación Acciona Hidráulica (CAH). The agreement provides for a fee equal to 1 billion euros subject to usual adjustments for this type of operation, in consideration of the time that will elapse until the operation is completed. Enterprise value referring to 100% of CAH and recognized in the agreement is therefore equal to 1 billion euros.
The plant portfolio held by CAH is composed of 34 hydroelectric power plantslocated in the north-east of Spain, for a total installed capacity of 626 MWmost of which can be modulated, which in 2023 generated approximately 1.3 TWh.
The agreement will allow the Enel Group to consolidate its primary role in renewables globally, further increasing the share of the sales portfolio covered by its renewable production in Spain. Following the completion of the acquisition, the Enel Group will reach one in the Iberian peninsula capacity hydroelectric installed of over 5.3 GWfor a total renewable capacity of approximately 10.7 GW.
The closing of the operationforeseen in the first mid-2025is conditional on the issuing of authorization from the competent Antitrust Authority and on obtaining authorization from the Spanish Government for foreign investments (FDI).
The expected consideration for the acquisition of the entire share capital of CAH will be financed by cash flows from current operations and is consistent with the planned capacity development plan.