Closing of the acquisition from Acciona Energía of a 626 MW portfolio of hydro plants in Spain

Enel S.p.A. ("Enel") informs that Endesa Generación[1] has closed the acquisition of the entire share capital of Corporación Acciona Hidráulica S.L. ("CAH"), from Corporación Acciona Energías Renovables[2], a company of the Acciona Group. The consideration, which refers to 100% of CAH and equal to the enterprise value, amounts to approximately 1 billion euros[3] and includes adjustments customary for these kinds of transactions.

The portfolio of plants held by CAH is composed of 34 hydro plants, located in northeastern Spain, for a total installed capacity of 626 MW, most of which can be modulated, which generated around 1.3 TWh in 2023.

This transaction is in line with the Enel Group’s new growth strategy in renewables, which also envisages the opportunity to acquire operating assets capable of maximizing the value of its portfolio. Specifically, 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.

Following the completion of this acquisition, the Enel Group has reached an installed hydro capacity of over 5.3 GW on the Iberian Peninsula, for an overall renewable capacity of around 10.7 GW.

The transaction was closed following the fulfilment of the conditions precedent set forth in the agreement signed on November 15^th, 2024, namely the issuance of the authorization of the competent Antitrust Authority and the obtaining of the authorization for foreign investment (FDI) from the Spanish Council of Ministers.

The consideration provided for the acquisition of the entire share capital of CAH was financed with available credit lines.

[1] Endesa Generación, S.A., a subsidiary of Spanish listed company Endesa S.A.

[2] Corporación Acciona Energías Renovables, S.A.

[3] In line with the agreement signed by the Parties on November 15th, 2024, CAH has no financial debt upon transaction closing.

Enel is a multinational power company and a leading integrated player in the global power and renewables markets.

At global level, it is the largest renewable private player, the foremost electricity distribution network player by number of grid customers served and the biggest retail operator by customer base. The Group is the largest European utility by ordinary EBITDA^[1].

Enel is present in 28 countries worldwide, producing energy with more than 89 GW of total capacity.  

Enel Grids, the Group’s global business line dedicated to the management of the electricity distribution service worldwide, delivers electricity through a network of 1.9 million kilometers with more than 69 million end users. Enel’s renewables arm Enel Green Power has a total capacity of around 65 GW and a generation mix that includes wind, solar, geothermal, and hydroelectric power, as well as energy storage facilities, installed in Europe, the Americas, Africa, Asia, and Oceania. Enel X Global Retail is the Group’s business line dedicated to customers around the world with the aim of effectively providing products and services based on their energy needs and encouraging them towards a more conscious and sustainable use of energy. Globally, it provides electricity and integrated energy services with more than 55 million customers worldwide, offering flexibility services aggregating 9 GW, managing around 3 million lighting points, and with 28,400 owned public charging points for electric mobility.

^[1] Enel’s leadership in the different categories is defined by comparison with competitors’ FY2023 data. Fully state-owned operators are not included.

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