Elawan Energy concludes agreement with Acciona to acquire 23 hydroelectric plants in Spain

Cuatrecasas has advised the ORIX Group company Elawan Energy SL on its agreement with Corporación Acciona Energías Renovables SA to acquire Acciona Saltos de Agua SLU—a hydroelectric power producer and its three subsidiaries. The transaction is expected to be closed by the end of this year, subject to regulatory approvals.

Elawan will then have 23 hydroelectric power plants with a combined installed capacity of 175 MW in the north of Spain—located across Aragón, Cantabria and Catalonia—capable of controlling the amount of energy generated by adjusting the water release. All the hydroelectric plants have long-term concession agreements with the authorities to use the water necessary for generating hydroelectric power, which is then traded on the electricity wholesale market. With this transaction, Elawan increases its portfolio of production sites and consolidates its position as a global player in the renewable energy industry.

“This transaction had a very challenging timetable in which the dedication and efficiency of both parties’ internal and external teams has been key,” said Corporate and M&A lawyer Mariana Norton dos Reis, who led the Cuatrecasas advisory team together with Mariano Ucar, and a team of lawyers headed by Sora Park and Megan Hackney.