Renta 4 | The company has reached an agreement to acquire Acciona’s hydro assets in Spain. The deal consists of 656 MW of 34 plants generating 1.3 TWh in 2023, for which Endesa has agreed to pay €1,000 million debt-free, financed with its own funds, and which is expected to close in 1H25, subject to the relevant regulatory approvals.
Assessment: The remaining useful life of these assets is limited in some cases (average of around 30 years), although it will increase Endesa’s market share in renewable generation and enhance its integrated position. Although this transaction has been rumoured in the press for some weeks, it is not included in Endesa’s strategy and could be viewed with doubt by the share price. Endesa will update its strategic vision this Tuesday, so it is possible that comments will be made in this regard.
We reiterate HOLD, P. O. €21,22.
