ACCIONA Energía has agreed to sell its stakes in two renewable energy projects in South Africa with a combined capacity of 232MW to Cennergi, a subsidiary of Exxaro Resources, for an enterprise value of €255m ($295.36m).

The projects included in the sale are the 138MW Gouda wind farm and the 94MWp Sishen photovoltaic (PV) plant, which have been operational since 2015 and 2014, respectively.

ACCIONA Energía currently owns a 55% stake in each project through ACCIONA Energía Internacional, with AXA owning 20% and Bestinver Infra FCR holding 5%.

The remaining 45% is owned by Royal Bafokeng Holdings (25%), Soul City (10%), and Community Trust (10%).

Additionally, the transaction covers ACCIONA Energía’s 80% ownership in the company that operates and maintains both assets.

Subject to customary regulatory approvals, the deal is set to close in 2026, and is projected to generate a capital gain of approximately €65m for ACCIONA Energía.

Both renewable assets are supported by project financing amounting to €100m.

The sale further advances ACCIONA Energía’s asset rotation plan, first announced in November 2023.

Since then, the company has signed agreements for the sale of over 1.4GW of renewable capacity in Costa Rica, Spain, and Peru, totalling over €2bn.

In May this year, ACCIONA Energía started commercial operations at the Forty Mile wind farm in Alberta, Canada.