Elawan Energy has secured €76 million in financing for a portfolio of 23 small hydropower plants in northern Spain, totaling 175MW of capacity. The deal was structured as a non-recourse project finance arrangement.
The financing was led by Natixis, which acted as lead arranger and structuring agent. Clifford Chance advised Natixis, while Watson Farley & Williams represented Elawan. Lazard served as Elawan’s financial advisor.
The transaction follows Elawan’s acquisition of 100% of Acciona Saltos de Agua, S.L.U. (ASA) and its three subsidiaries in July 2024. The acquisition closed in November 2024 and is considered one of the largest recent deals in Spain’s hydropower sector.
The hydropower portfolio includes eight storage-based plants with 134MW of capacity and 15 run-of-river plants totalling 41MW. All facilities operate under long-term water use concessions and sell electricity on the wholesale market.
“This financing marks a strategic milestone in diversifying our renewable energy portfolio and strengthening our position in the Spanish electricity market,” said Andrés Orive, M&A and Structured Finance EMEA Director at Elawan Energy.
Elawan said it completed a detailed due diligence process and structured the financing in line with financial and energy market standards.
The company currently operates 2.1GW of gross capacity across nine countries, with 830MW under construction and a development pipeline of more than 11GW. Its energy mix is 49% solar, 42% wind, and 9% hydropower.
Spain accounts for 56% of Elawan’s operating capacity, followed by the US (14%), Turkey (10%), and Brazil (7%).
