Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Uma Rajagopal

Posted on November 16, 2024

Endesa buys 626 MW hydro assets from Acciona for $1.1 billion

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)

Recommended for you

  • Russian rouble slips as oil price and forex action limit sanctions impact

  • PageGroup warns on profit again as France, Germany woes continue

  • Stocks tumble as traders cast doubt on 2025 rate cut