Endesa is to transfer 682MW of conventional hydro capacity and 175MW of mini hydro as part of the deal.

The conventional hydro plants are located on the rivers Cinca, Gallego and Aragon. There are about 100 employees of Endesa at the hydro assets and they are to transfer to Acciona as part of the package.

The transfer is part of a wider renewables asset sale, which also includes 1248MW of wind power capacity.

Acciona said the sale price for the combination of hydro and wind assets is Euro2.89B (US$3.68B) on a debt-free basis.

The group added that the acquisitions of the conventional hydro plants gives it access to ‘a new technology with considerable strategic value’. Acciona added that a key strategic benefit was to have conventional hydro generation to help offset the fluctuations in output from wind power.