Elawan Energy has secured financing for 23 small hydropower plants in Spain with a total capacity of 175MW.
The €76 million transaction has been structured as a non-recourse project finance deal, aligned with the company’s sustainability principles and energy transition objectives.
In July 2024, Elawan Energy acquired 100% of the shares of the holding company Acciona Saltos de Agua (ASA), including its three subsidiaries.
The acquisition was finalised in November 2024, marking one of the largest recent transactions in hydropower generation in Spain.
The financing was provided by Natixis, acting as lead arranger and structuring agent, advised by international law firm Clifford Chance.
Elawan Energy was represented by Watson Farley & Williams, with Lazard serving as financial advisor.
The transaction encompasses a portfolio of 23 small hydropower plants located in northern Spain.
Of the 175MW total capacity, 134MW come from eight storage-based facilities utilising dams or balancing reservoirs, while the remaining 41MW are distributed across 15 run-of-river plants.
These assets operate under long-term concessions for the use of water resources, and the energy generated is sold on the wholesale electricity market.
“This financing marks a strategic milestone in diversifying our renewable energy portfolio and strengthening our position in the Spanish electricity market,” said Andrés Orive, M&A and structured finance EMEA director at Elawan Energy.
Elawan Energy has 2.1GW of gross operational capacity across nine countries, 830MW under construction, and a development pipeline exceeding 11GW.
The company’s portfolio is composed of 49% solar PV, 42% wind, and 9% hydropower.