MADRID (Reuters) -Spanish power utility Endesa has agreed to buy 626 megawatts (MW) of hydroelectric assets from power company Acciona Energia for 1 billion euros ($1.05 billion), Acciona Energia said on Friday. The deal follows the recent sale by Acciona Energia, controlled by construction conglomerate Acciona, of 175 MW of hydroelectric generation capacity as part […]
MADRID (Reuters) -Spanish power utility Endesa has agreed to buy 626 megawatts (MW) of hydroelectric assets from power company Acciona Energia for 1 billion euros ($1.05 billion), Acciona Energia said on Friday.
The deal follows the recent sale by Acciona Energia, controlled by construction conglomerate Acciona, of 175 MW of hydroelectric generation capacity as part of its strategy to strengthen its balance sheet through disposals.
Under the agreement, Endesa will buy 100% of Corporacion Acciona Hidraulica, which controls 34 hydropower plants in Spain.
The sale will lead to a capital gain of 620 million euros ($654.47 million), Acciona Energia said, adding that it should be completed by the first half of next year.
Reuters reported in October that Acciona Energia was considering a sale of its hydroelectric business.
Endesa, owned by Italian energy giant Enel, was advised by Rothschild.
($1 = 0.9473 euros)
(Reporting by Pietro Lombardi, Editing by Louise Heavens)
