EDP Renovaveis sells 49% in Portuguese arm to China Three Gorges
Dec 21, 2012 - EDP Renovaveis (ELI:EDPR) has agreed a EUR-359-million (USD 474.3m) deal to divest a 49% stake and 25% of the remaining shareholder loans in EDP Renovaveis Portugal (EDPR PT) to China Three Gorges.
The deal covers 615 MW of operational wind farms and 29 MW ready-to-build wind farms under a feed-in tariff (FiT) scheme, EDPR said in a statement yesterday. The transaction, which values EDPR PT total assets at EUR 1.011 billion, hinges on regulatory clearances and is expected to close in the first half of the coming year.
EDPR, which is the green arm of Portuguese utility EDP (ELI:EDP), added that its Portuguese portfolio had by now generated EUR 528 million of operating cash flow.
The deal is in line with a strategic partnership formed by EDP and China Three Gorges, a major hydropower producer in the Asian country, in December last year. At the time China Three Gorges acquired the 21.35% stake of Portugal's government in EDP as part of the company's privatisation process.