Acciona Energía Sells Stakes in 232 MW of South African Renewables to Cennergi ⚡🌍✨

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Scenic view of the coastline near Cape Town, South Africa

Acciona Energía has agreed to sell its stakes in two long‑operating South African renewable energy assets—Gouda Wind Farm (138 MW) and Sishen Solar PV Plant (94 MWp)—to Cennergi, a wholly owned subsidiary of Exxaro Resources, for an enterprise value of €255 million. The transaction, expected to close in 2026 following regulatory approvals, marks another milestone in Acciona’s global asset‑rotation strategy. 🌱⚡📌

A Strategic Exit from Mature REIPPPP Assets 🇿🇦✨🌍
Both projects were procured under South Africa’s REIPPPP and commissioned in 2015 (Gouda) and 2014 (Sishen). Acciona holds 55% of each asset through its vehicle Acciona Energía Internacional, in which AXA (20%) and Bestinver Infra FCR (5%) also participate. The remaining 45% is owned by Royal Bafokeng Holdings (25%), Soul City (10%), and Community Trust (10%). 🌿📊🔆

The sale also includes Acciona’s 80% stake in the O&M company servicing both plants—adding operational continuity to Cennergi’s growing renewable portfolio. ⚙️🌞🔧

With an estimated €65 million capital gain, the sale contributes to Acciona’s wider rotation plan announced in November 2023, under which the company has sold over 1.4 GW of assets across Costa Rica, Spain, and Peru, crystallising more than €2 billion in value. 💼📈🌍

Financial Modelling and Asset Valuation Insights 📊📉✨
For financial modellers, this transaction offers a useful benchmark for valuing mature renewable assets in emerging markets. 🌱💡📘

  • Enterprise Value (EV): €255m for 232 MW → an implied EV/MW of roughly €1.1m/MW, consistent with seasoned, PPA‑backed assets in South Africa.
  • Both assets are backed by long‑term PPAs under REIPPPP, supporting stable project‑finance cash flows and lower merchant‑risk exposure.
  • Existing €100m project‑finance debt implies moderate leverage for operational assets.
  • The expected €65m capital gain suggests strong NPV appreciation from operational optimisation, inflation‑linked tariff escalations, and derisked asset performance.

Key modelling considerations include: 🌐🧮📎

  • Wind‑solar blended generation modelling for portfolio buyers like Cennergi.
  • O&M cost curve integration as Cennergi internalises operational management.
  • Refinancing optionality post‑acquisition, leveraging lower‑risk profiles to reduce debt margins.
  • Equity IRR calibration using historical performance and degradation rates after nearly a decade of operations.

Strategic Fit for Cennergi and Exxaro 🌱✨📌
Cennergi—one of South Africa’s leading IPPs—continues to scale its renewable portfolio in line with Exxaro’s diversification strategy away from coal. The acquisition strengthens its position in: 🌞💼🌍

  • Long‑term contracted renewable assets, ideal for stabilising cash flow.
  • Operational excellence, via absorption of Acciona’s O&M capabilities.
  • Community‑aligned ownership, maintaining REIPPPP‑mandated participation.

For Exxaro, the assets offer predictable returns, strong ESG alignment, and an opportunity to expand its energy business in a market characterised by chronic supply constraints and accelerating private‑sector procurement. ⚡🌿🏭

Conclusion: A Benchmark Transaction for Mature Renewables in Africa 🚀🌍✨
Acciona’s divestment to Cennergi reflects the deepening maturity of Africa’s renewable energy market, where operational assets with strong PPA foundations attract competitive valuations. For investors and analysts, the deal reinforces the importance of robust financial modelling, long‑term yield stability, and asset‑rotation strategies in scaling the continent’s energy transition. 📊🌱📈

For professionals assessing wind and solar asset valuations, the following Eloquens financial modelling tools provide comprehensive frameworks: 🌐📘⚡

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