Endesa buys renewable projects from FRV totaling 419 MW for 300 million

The investment encompasses both the acquisition and the construction of a portfolio distributed among the provinces of Seville, Cádiz, Córdoba and Zamora.

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Endesa, through its renewable subsidiary Enel Green Power España, has purchased a total of 419 megawatts (MW) in renewable projects located in Andalusia and Castilla y León, with an investment of more than 300 million euros, as reported by the company on Monday.

The group has underlined that this acquisition is part of its strategy to develop new renewable capacity in Spain, both its own and through third parties with experience in the sector.

The investment of more than 300 million euros that Endesa will make in these projects encompasses both the acquisition and the construction of a portfolio that is distributed among the provinces of Seville, Cadiz, Cordoba and Zamora.

The projects, which are already in an advanced stage of processing, will enable the generation of nearly 1,500 direct jobs during the construction phase, according to Endesa, which has stressed that it will maintain a “continuous dialogue” with the local entities in which it will develop these projects and will launch training courses for the unemployed in renewable matters.

These projects come from the FRV portfolio, which in turn forms part of Abdul Latif Jameel Energy, an independent energy producer with interests in 16 countries around the world. The sale of these projects has been carried out within the framework of this company’s strategy for the selective rotation of non-strategic assets with which to finance its investor plan in Spain.

With this acquisition, Endesa exceeds 2 GW of new capacity purchased from third parties, all with the aim of complying with the connection of new renewable power to the grid and increasing renewable capacity. To date, the investment allocated to these acquisitions exceeds 1,500 million euros.

Cuatrecasas has acted as legal advisor to FRV in the sale process, while Deloitte Financial Advisory has acted as advisor to FRV in the competitive sale process to Enel Green Power Spain.