Endesa Generación, a subsidiary of Enel S.p.A., has acquired Corporación Acciona Hidráulica S.L. (CAH) from Acciona Energías Renovables in a €1 billion deal. The transaction, which was initially agreed in November 2024, adds 34 hydroelectric plants in northeastern Spain to Endesa’s portfolio, boosting its total hydro capacity on the Iberian Peninsula to over 5.3GW.
The newly acquired facilities have a total installed capacity of 626MW, with most having modulating capabilities. In 2023, they generated around 1.3 TWh of electricity. These plants operate under long-term concession agreements, with an average remaining duration of approximately 30 years. The assets include reservoir (56% of capacity), run-of-river (30% of capacity), and pumped-storage (14%) hydroelectric plants, with a total annual production of around 1.3 TWh.
Enel stated that the transaction aligns with its renewable energy strategy, which includes acquiring operational assets to enhance its portfolio. “The hydro plants that were acquired allow the Enel Group to further increase the percentage of energy sales covered by its renewable production in Spain,” the company said.
With this acquisition, Enel now has an overall renewable capacity of approximately 10.7GW on the Iberian Peninsula.
The deal was completed following regulatory approvals, including clearance from the relevant Antitrust Authority and authorization for foreign investment (FDI) from the Spanish Council of Ministers. The acquisition was financed using available credit lines.
