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Spain

Acciona ready to take control of wind project developer EHN

Spanish industrial group Acciona will soon control 100% of wind project developer Corporación Energía Hidroeléctrica de Navarra (EHN) following deals initially marked at EUR 391 million. Acciona, which already owns 50% of EHN, immediately announced a EUR 2 billion renewables investment plan to 2007 through the new set up, reportedly to be renamed Acciona Energía. Acciona's takeover marks the end of the regional government's 15-year-old involvement in EHN. It held 39.58% of the company. The remaining 10.4% was relinquished to Acciona by semi-public savings bank Caja Navarra. EHN's business arm, Sodena, professes to be delighted with the sale, which should fetch EUR 390.5-404.5 million, depending on its consolidated profits on handover. Acciona is paying EUR 1.3 million for each installed megawatt, Sodena's José María Aracama told newspaper El País. The deal is pending the approval of competition authorities, which Acciona expects by early next year. EHN has invested EUR 850 million in renewables and claims to hold 15% of installed wind capacity in Spain and 5% worldwide. The company owns shares in wind plant operating or building in Canada, Ireland, France, Germany and Australia -- and claims large development portfolios for the UK and US (Windpower Monthly, October 2004). The company also makes a 1.5 MW turbine.

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