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Italy

Italy

Acciona muscles up with Endesa bid

Spain's Acciona came close in February to acquiring over 1200 MW of extra wind capacity as part payment for the sale of its 25% share in utility Endesa. The negotiations were with Italian utility Enel, which already owns 67% of Endesa. But at the eleventh hour, after the agreement was published by the stock market regulator and considered a done deal by government and press alike, Acciona demanded more for its money. Enel reacted by stalling further negotiations. The hiatus puts on ice a deal by which Acciona would get EUR 11.1 billion for its stake in Endesa, plus 2104 MW of Endesa's online renewables assets across Spain and Portugal, worth EUR 2900 million -- 1248 MW in wind capacity and 856 MW in hydro facilities. The new assets would have brought Acciona's total global online renewables capacity to at least 6293 MW, 5353 MW from wind, potentially making the company the world's second largest wind operator. While Acciona declines to comment on the deal, leaks to the financial press suggest its last minute demand on Enel involved signing to Acciona future building and service contracts worth EUR 3 billion. Despite Enel's indignation, both companies had previously stressed the importance for their respective businesses of splitting Endesa spoils and observers widely expect a final deal to transpire in the next few weeks.

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