Business digest: Sale finalised

Spain's Acciona, a large construction company turned global wind developer, and Italian utility Enel have finally concluded an assets swap involving the sale of Acciona's 25% stake in Spanish utility Endesa to ENEL.

The negotiations came to a halt in February, but in June Enel agreed to pay EUR9.6 billion for Acciona's Endesa stake, taking the Italian utility's share in the Spanish utility to 92%. Acciona is paying Enel EUR2.85 billion for 2080 MW of Endesa's online renewables generation. This comprises 1248 MW of wind capacity and 856 MW of hydro facilities, all but 94 MW located in Spain.

Acciona's purchase of the renewables assets is backed by a EUR1.5 billion finance deal over two years, signed with 14 entities, mainly leading Spanish banks. The deal means Acciona's global online renewables capacity is nearly 6.3 GW with wind accounting for around 5.35 GW. Meantime, the company has provisionally agreed with Japan's Mitsubishi Corporation to jointly invest EUR2 billion in developing wind, solar and other renewables projects globally.

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