Acciona has agreed to sell its 25,01% stake in Spanish utilities company Endesa to its other major shareholder Enel, an Italian power company, for € 11,1 billion in cash. As part of the deal, Acciona will buy back € 2,89 billion of renewable energy generation assets from Endesa, for a net transaction value of € 8,18 billion.

Acciona and Enel acquired Endesa in March 2007, after a messy takeover battle that saw the two see off a rival bid from German utilities company E.on. As part of the agreement between Acciona and Enel, the Spanish company secured a put option that would allow it to sell its stake in Endesa to Enel, and it is this option that has been exercised early with the latest deal.

However, the deal will see Acciona acquire some 2,1 GW of renewable energy generation capacity in the form of 1,25 GW of wind power and 857 MW of hydroelectric power in Spain and Portugal.

The company says this will take it from its current position as the world's third largest renewable energy provider to second, behind fellow Spaniard Iberdrola Renovables. It will also make it Spain's fourth largest electricity provider, with a capacity of 6,5 GW.

The deal is due to close within six months, following regulatory approval.

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