Acciona EnergĂa has given a new boost to its asset rotation policy with the sales two renewable energy facilities in South Africa for an enterprise value of 255 million euros. The agreement, signed with Cennergi, a subsidiary of Exxaro Resources Limited, reinforces the Spanish company's strategy of freeing up resources in mature projects to allocate them to new investments in renewables.
The operation affects two plants that have been operating for almost a decadeAcciona EnergĂa will acquire a wind farm and a photovoltaic solar plant, which together have an installed capacity of 232 megawatts (MW). In addition to its stake in the projects, Acciona EnergĂa will also transfer the majority of the capital of the company responsible for operating and maintaining these facilities, thus consolidating its exit from the business linked to these assets in the African country.
Details of the agreement with Cennergi
The buyer of the assets is Cennergi, a subsidiary of Exxaro Resources Limited, one of the leading independent renewable energy producers in South Africa. The agreement involves the transfer of Acciona EnergĂa's stake in both projects, with a combined enterprise value of 255 million euros, a figure that includes both the value of the assets and their associated debt.
According to the information provided by the company, the transaction falls under a planned asset rotation strategy which Acciona EnergĂa has been deploying since 2023. With these types of moves, the company aims to solidify value in established projects and, at the same time, strengthen its financial position in preparation for new renewable developments both in Spain and Europe as well as in other international markets.
The effective closing of the transaction is scheduled for 2026 and is subject to obtaining the usual regulatory approvals in this type of process. Until the final transfer is completed, the projects will continue to operate normally under the current structure, although with the sales agreement already signed between the parties.
Acciona EnergĂa estimates that the divestment will generate a capital gain of close to 65 million eurosThis highlights the value created in these projects since they became operational and the company's ability to monetize mature assets in markets where it has already established a presence.
Gouda wind farm and Sishen photovoltaic plant
The assets included in the transaction are the Gouda wind farm, with an installed capacity of 138 MW, and the Sishen photovoltaic plantwhich contributes 94 megawatts peak (MWp). Both facilities have been in commercial operation since 2015 and 2014, respectively, and are part of Acciona EnergĂa's first push into the South African renewable market.
Gouda is a benchmark wind farm in the region, with a sufficient capacity to supply renewable electricity to hundreds of thousands of homes South Africans, contributing to diversifying the country's energy mix. Sishen, for its part, is a large-scale photovoltaic solar plantLocated in an area of ​​high solar radiation, it has made it possible to take advantage of one of South Africa's most abundant renewable resources.
Both projects feature structured finance contracts for approximately 100 million eurosThis financing, in the form of project finance, remains tied to the assets and forms part of the agreement with the buyer. These financial arrangements are common in large renewable energy facilities and allow projects to be sustained by the cash flows generated from energy sales.
Beyond the installed capacity, the plants have played a significant role in the development of South African renewable energy fabric, both for the local job creation during the construction phase as well as through operation and maintenance activities throughout its useful life. The transfer to Cennergi guarantees the continuity of these facilities under an operator already well-established in the country.
Shareholding structure and operating and maintenance company
Until the agreement now announced, Acciona EnergĂa owned 55% of each project through Acciona EnergĂa Internacional, a vehicle in which AXA participates as financial partners, with 20%, and Bestinver Infra FCR, with 5%. The remaining 45% of Gouda and Sishen was held by Royal Bafokeng Holdings (25%), Soul City (10%) and Community Trust (10%), reflecting a participation model involving institutional investors and local entities.
The operation is not limited to the sale of the stake in the parks, but also includes the 80% of the company is responsible for operation and maintenance (O&M) of both facilities. This company is responsible for ensuring the daily operation of the assets, technical supervision, preventive and corrective maintenance tasks, and, in general, the management of their long-term performance.
In this way, Acciona EnergĂa It takes a step back not only in ownership, but also in the direct management of South African assetstransferring operational control of the plants to Cennergi. This allows the Spanish company to reduce its exposure in the country while strengthening its ability to rotate projects that have already demonstrated their technical and economic stability.
For local and institutional partners, the change of control offers the possibility of maintain its participation in projects backed by an operator with a strong presence in the South African marketThis can facilitate the continuity of supply contracts and the relationship with the country's energy authorities and regulators.
Asset rotation strategy and focus on Spain and Europe
The sale of Gouda and Shishen is integrated into the asset rotation strategy that Acciona EnergĂa announced in November 2023Since then, the company has been carrying out a series of selective divestments in different geographies with the aim of strengthening its balance sheet, reducing debt associated with mature projects and channeling resources towards new renewable developments.
During this period, Acciona EnergĂa has reached agreements for the sale of more than 1,4 gigawatts (GW) of renewable capacity in markets such as Costa Rica, Spain, and Peru, for a total value exceeding €2.000 billion. These transactions highlight the interest of investors and utilities in the company's assets, considered high-quality due to their generation profile and operational track record.
In Spain, the company has been involved in some of the largest renewable energy transactions in recent years. Among them, the following stands out: sale of 626 MW hydroelectric power to EndesaThe deal, finalized in February, involved the transfer of 34 power plants for nearly €1.000 billion. It is one of the largest hydroelectric transactions in the Spanish market in the last decade.
Another relevant transaction, although it does not impact the current fiscal year, was the Sale of 175 MW of hydroelectric power in Spain to Elawan Energyfor 293 million euros. With this transaction, Acciona EnergĂa continued to reconfigure its generation portfolio in the country, focusing it on technologies and assets that better fit its growth and profitability roadmap.
The focus on Spain is complemented by agreements such as the one reached with Opdenergy for the sale of 440 MW of wind power for 530 million euros. This portfolio consists of 13 wind farms spread across provinces such as Albacete, Cádiz, Cuenca, Lleida, Valencia and Zamora, with an average age of 15 years, which illustrates the company's willingness to rotate mature facilities and invest in new developments of greater scale and efficiency.
Other international operations and financial objectives
Beyond Spain and Europe, the rotation strategy includes divestments in Latin Americawhere Acciona EnergĂa has a long-standing presence. In Costa Rica, for example, the company finalized the sale of its stake in the 49,5 MW Chiripa wind farm, operational since 2015, to its minority partner EcoenergĂa, which already held a 35% stake in the project. The asset was valued at approximately US$80 million.
In Peru, Acciona EnergĂa has signed an agreement with Luz del Sur for the sale of the San Juan de Marcona wind farmThe 135 MW plant, operational since 2023, was acquired for $253 million (approximately €218 million). With this acquisition, the company maintains its commitment to the Andean country, but with a business model based on the selective rotation of projects.
This set of transactions is complemented by other pending operations which, according to the company itself, They could add around €1.000 billion more in turnover valueIf these objectives are met, Acciona EnergĂa would reach the planned range of operations, between 1.500 and 1.700 billion euros, reinforcing its capacity for future investment in new renewable capacity.
Regarding the financial impact, the company has indicated that, in the first nine months of 2025It has agreed to deals it expects to close before the end of the year for around €800 million. This would allow it to position the EBITDA associated with asset turnover in a range of between 500 and 700 million eurosconsolidating turnover as a relevant lever within its business model.
Sales trends demonstrate that the market continues to show strong demand for renewable assets in operation, with stable contracts and relatively predictable regulatory frameworksAcciona EnergĂa is taking advantage of this context to reposition its portfolio and prioritize projects that offer greater growth potential, especially in Europe, where climate policies and decarbonization targets are driving investment in clean energy.
With the sale of the two renewable energy assets in South Africa to Cennergi, Acciona EnergĂa takes another step in a strategy that combines the monetization of mature projects through reinvestment in new renewable facilitiesMaintaining a strong focus on Spain and other European markets, the transaction, valued at €255 million with an estimated capital gain of €65 million, strengthens its financial position and confirms the attractiveness of its assets in a global context where demand for clean energy continues to grow strongly.