Dec 31, 2014 - EDP Energias de Portugal SA (ELI:EDP) said on Monday that its Spain-based green arm has agreed to sell a 49% stake in a 321-MW wind park portfolio in Brazil to a unit of China Three Gorges Corp.
EDP Renovaveis SA (ELI:EDPR) is selling the minority stake to CWEI (Brasil) Participacoes Ltda in exchange for a BRL-364.8-million (USD 137.3m/EUR 113m) investment by the purchaser. The sum includes BRL 100.8 million of future equity contributions for projects within the portfolio that are currently being developed.
The deal involves 84 MW of operating wind farms and a 237-MW wind project pipeline. The schemes that are under development have 20-year power purchase agreements (PPAs) in place.
The Portuguese power producer noted that the financial closing is seen to take place in the first half of 2015, once the needed regulatory nods are obtained.