Elawan Energy Secures Financing for 23 Small Hydropower Plants in Spain

Elawan Energy, a global player in the renewable energy sector, has successfully closed the financing of 175 MW of hydropower capacity in Spain. 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, S.L.U. (“ASA”), including its three subsidiaries. The acquisition was finalized 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, announced on November 13, 2024, encompasses a portfolio of 23 small hydropower plants located in northern Spain, with a combined installed capacity of 175 MW. Of this total, 134 MW come from eight storage-based facilities utilizing dams or balancing reservoirs, while the remaining 41 MW 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, providing stable medium- to long-term revenue.

“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 conducted a rigorous due diligence process to ensure full compliance with applicable regulations and has structured the transaction in accordance with the highest standards of the financial and energy markets.

With 2.1 GW of gross operational capacity across nine countries, 830 MW under construction, and a development pipeline exceeding 11 GW, Elawan Energy maintains a diversified portfolio composed of 49% solar PV, 42% wind, and 9% hydropower.

Spain represents 56% of Elawan’s operational capacity, followed by the United States (14%), Turkey (10%), and Brazil (7%), positioning the company as one of the leading independent renewable energy players in the country.