Endesa buys Acciona’s hydroelectric power plants for €1b: Advisors
Endesa, through its wholly-owned company Endesa Generación, has signed an agreement with Corporación Acciona Energías Renovables, a company belonging to the Acciona group, for the purchase of the entire share capital of Corporación Acciona Hidráulica. The agreement provides for the payment of a price of 1,000 million euros, subject to the usual adjustments in this type of transaction, for 100% of the shares, free of debt.
Acciona Hidráulica owns a portfolio of 34 hydro plants located in northern and eastern Spain (Aragón, Soria, Valencia and Navarra). With a total installed capacity of 626MW, most of which are modulable and which generated approximately 1.3TWh in 2023.
With the closing of the transaction, Endesa will reach an installed hydro capacity of more than 5,3GW in Spain, with a total capacity from renewable sources in Spain and Portugal of 10.7GW.
The closing of the transaction is expected to take place in the first half of 2025. It is also subject to obtaining authorizations from the competent antitrust and foreign investment authorities in Spain.
Advisors
Pérez-Llorca has advised Endesa with a team formed by Alejandro Osma, corporate partner; Ana Cremades, public partner; and Jaime de Blas, competition partner. Also, Tobías Kálnay, corporate lawyer; Laura Llanos, corporate lawyer; Jorge Vellido, competition lawyer and Lorenzo Morejón, public lawyer.
Deloitte Legal has also advised Endesa with the corporate team, formed by José María Elías de Tejada (partner), Susana López-Claver (managing director), Marina Silva (counsel) and Aida Beltrán (associate). In the public and regulated sectors area: Carlos Tallón (principal associate) and Fernando González (senior associate). In the competition area: Rafael Piqueras (director) and Mercedes Segoviano (senior associate). Thelaboral team was represented by Beatriz Prieto (counsel) and Diana López Ruiz (senior associate).
White & Case has advised Acciona with a team formed by Ana Calvo Abril (partner), Ignacio Paz (partner), Pablo García-Nieto (partner), Leticia Calbacho Núñez-Lagos (associate).
