Spanish renewable energy giant ACCIONA Energía has reached a landmark agreement to sell its stake in two major South African renewable energy projects to Cennergi, the wholly-owned subsidiary of Exxaro Resources and one of the country’s leading renewable power producers. The transaction, valued at an enterprise value of €255 million, encompasses 232 megawatts of operational capacity and marks a significant consolidation move in South Africa’s green energy landscape.
The assets changing hands include the 138-megawatt Gouda wind farm and the 94-megawatt Sishen photovoltaic plant, both of which have been generating clean electricity for nearly a decade. The Gouda facility has been operational since 2015, while the Sishen solar plant commenced operations in 2014, together forming a substantial portion of South Africa’s renewable energy infrastructure.
ACCIONA Energía currently holds 55 percent of each project through ACCIONA Energía Internacional, a joint venture in which AXA owns 20 percent and Bestinver Infra FCR holds 5 percent. The remaining 45 percent stake is distributed among Royal Bafokeng Holdings with 25 percent, Soul City with 10 percent, and Community Trust with 10 percent. The transaction also includes ACCIONA Energía’s 80 percent ownership in the company responsible for operating and maintaining both facilities.
The deal is expected to close in 2026, subject to customary regulatory approvals, and is projected to generate a capital gain of approximately €65 million for ACCIONA Energía. Both assets are supported by project financing totaling €100 million, providing financial stability for the ongoing operations.
This sale represents another significant step in ACCIONA Energía’s strategic asset rotation program, which was first announced in November 2023. Since launching this initiative, the company has reached agreements to divest more than 1.4 gigawatts of renewable capacity across Costa Rica, Spain, and Peru for a combined value exceeding €2 billion. The sustained success of these transactions highlights the strong market appetite for established renewable energy assets and has strengthened ACCIONA Energía’s financial position through value crystallization.
For Cennergi and parent company Exxaro Resources, the acquisition represents a substantial expansion of their renewable energy portfolio and reinforces their position as a dominant player in South Africa’s transition to clean energy. The transaction aligns with South Africa’s broader renewable energy ambitions as the country seeks to reduce its dependence on coal-fired power generation and expand its green electricity capacity.
Source: energy-pedia.com