November 9 (Renewables Now) - Energias de Portugal SA (ELI:EDP) has agreed to sell 103 MW of small hydropower plants (HPPs) to investment company Aquila Capital, a filing with Portugal's Securities and Exchange Commission (CMVM) shows today.
EDP, through its subsidiary EDP-Gestao da Producao de Energia SA, is selling two companies -- EDP Small Hydro SA and Pebble Hydro Consultoria, Invest e Serv Lda for an enterprise value of EUR 164 million (USD 186.21m), subject to adjustments.
EDP Small Hydro owns seven small HPPs while Pebble Hydro holds 14 other. These 21 HPPs have an average residual concession life of 14 years and are located in the Centre and North regions of Portugal. The two companies' combined earnings before interest, tax, depreciation and amortisation (EBITDA) for the last 12 months amounts to EUR 21 million.
Completion of this transaction is subject to customary legal and regulatory approvals, EDP noted.
(EUR 1 = USD 1.14)