EDP closes sale of 1.25-GW hydro portfolio to Engie-led group

EDP - Energias de Portugal SA (ELI:EDP) has completed the sale of 1,689 MW of Portuguese hydropower plants (HPPs) to a consortium led by French utility Engie SA (EPA:ENGI).

The Portuguese utility sold its full equity in the company that holds the six HPPs included in the portfolio for EUR 2.2 billion (USD 2.7bn), EDP announced on Thursday.

The consortium, which includes Credit Agricole Assurances (35%) and Mirova – Natixis Group (25%), acquired three run-of-river power plants, with 1.2 GW of installed capacity, and three pumped storage power plants, with about 500 MW of installed capacity.

According to a previous statement, Engie will be in charge of the operation and maintenance (O&M) of the HPPs, while also providing energy management services. The company also estimates the deal will bring a net debt impact of about EUR 650 million.

(EUR 1.0 = USD 1.226)

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