Elawan Energy Closes Acquisition of Hydroelectric Assets in Spain

Elawan Energy S.L. (“Elawan”), part of ORIX Group, has finalized an agreement with leading renewable energy producer Corporación Acciona Energías Renovables, S.A. to acquire all shares of Acciona Saltos de Agua, S.L.U. (“ESA”), formerly known as ASA, a hydroelectric power producer, including its three subsidiaries. Regarding the strategic steps toward the acquisition of Project Kaplan, Elawan Energy confirms the successful completion of the closing process. This transaction aligns with Elawan Energy’s commitment to further strengthen its position in renewable energy. Elawan Energy conducted a thorough due diligence process, ensuring full compliance with all standards and regulations.

ESA (Elawan Saltos de Agua), now owned by Elawan Energy, operates 23 hydroelectric power plants in northern Spain, where abundant rainfall and water resources are ideal for hydroelectric power. These plants, with a combined capacity of 175 MW, use two methods of power generation: storage-based plants with dams or balancing reservoirs (134 MW across 8 locations), which allow for regulated water flows, and run-of-river plants (41 MW across 15 locations). Storage-based hydroelectric generation provides flexibility by controlling water release to adjust power output, enabling electricity generation during peak demand periods. All plants operate under long-term concession agreements with public authorities for water usage, and generated electricity is sold in the wholesale electricity market, supporting a stable business over the medium to long term.”