ACCIONA sells its stake in Endesa at a final price of nearly EUR 9.63bn



The Company will acquire renewable energy assets with an installed capacity of 2,080 MW, valued at nearly 2.85 billion euros.

ACCIONA completed the procedures established under the terms of the agreement reached last February with Enel for exiting ahead of schedule from Endesa’s share capital and acquiring the utility’s renewable energy assets.

Pursuant to the agreement, ACCIONA has sold to Enel its 25.01% equity stake in Endesa, exercising ahead of schedule the put option on the utility, as agreed with the Italian group. The transaction came to a total of 9.627 billion euros, bringing to an end the parasocial agreement on Endesa sealed by ACCIONA and Enel on March 26th 2007. The closing price is the result of adjusting the agreed put option price by adding the interest accrued to date and subtracting the dividends received.

As a result of the sell-off of ACCIONA’s equity stake in Endesa, the directors who represented ACCIONA on Endesa’s Board of Directors – Carmen Becerril, Valentín Montoya, Esteban Morrás and Jorge Vega Penichet – will formally resign as Board members in a meeting scheduled for later today.

At the same time, ACCIONA has closed the acquisition of a raft of Endesa renewables assets – with a total installed capacity of 2,080 MW – for 2.848 billion euros. The assets comprise 1,277 MW of wind power (1,133 MW in Spain and 94 MW in Portugal) and 853 MW of hydro (including 173 MW of mini hydro).

A total of 1,946.6 MW of assets – worth 2.653 billion euros - were transferred today: 1,095.5 MW of wind power and 851.1 MW of hydroelectric (including 172.2 MW of mini hydro).

Similarly, the procedure for transferring the remainder of the assets – some are still under construction or awaiting the outcome of mandatory administrative and legal processes – was drawn up. Once all the requirements are met, ACCIONA and Endesa have agreed to transfer an additional package of renewables assets worth 195 million euros, with a total installed capacity of 133.7 MW, comprising 131.7 MW of wind power and 2 MW of hydroelectric (including 0.7 MW of mini hydro).

At the same time as ACCIONA closed both transactions, the Company paid off 8.195 billion euros’ worth of loans related to the acquisition of Endesa and took on a 1.5 billion euro loan which will give ACCIONA the cash flow it needs for purchasing the Endesa renewables assets without placing its investment plans at risks. The remainder of the investment required for acquiring the Endesa assets will come from ACCIONA’s own equity, thus ploughing back the capital gains obtained from the sell off of the Endesa stake, and giving rise to the world’s number two renewable energy company.

The 1.5 billion euro club deal loan has been arranged with a group of fourteen banks: Spain’s Banco Popular, Banco Sabadell, Banco Santander, Banesto, BBVA, Caja Asturias, Caja Badajoz, Caja Madrid, Caja Vital, Kutxa and La Caixa; Italy’s Intesa; the UK’s RBoS and France’s Société Générale. The syndicated loan has a maturity of two years and an all-in margin of 3.22% over Euribor.

ACCIONA is one of Spain’s leading business corporations. The Company operates in infrastructure, energy, water and services in more than thirty countries. Its corporate motto, 'Pioneers in Sustainable Development', reflects the Company’s commitment to contributing to economic growth, social progress and environmental balance. ACCIONA is sector leader in the Dow Jones Sustainability Index, and posted revenues of €12.67 billion in 2008.

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