Renewable

December 17 (Renewables Now) - Portugal's EDP Renovaveis SA (ELI:EDPR) has finalised the acquisition of Spanish firm Viesgo's renewables business, adding 511-MW to its Iberian portfolio.

According to a previous announcement, EDPR's new portfolio includes 24 wind farms and two mini hydropower plants (HPPs) located throughout Spain and Portugal. The renewables company bought these for an enterprise value of EUR 565 million (USD 687.7m)

The move is part of a larger transaction, concluded on the same day, in which EDPR's parent company Energias de Portugal SA (ELI:EDP) purchased a 75.1% stake in Viesgo from certain funds managed by Macquarie Infrastructure and Real Assets (MIRA) for a total of EUR 2.7 billion, including debt.

The deal also establishes a larger electricity distribution business in Spain consisting of three companies -- E-Redes, Viesgo Distribucion and Begasa, which will be majority owned by EDP, while Macquarie Super Core Infrastructure Fund SD Holdings SARL (MSCIF) will hold 24.9%.

In addition, EDP now owns two of Viesgo's thermal generation plants in the south of Spain. Currently under decommissioning, these plants have potential interconnection rights that can be used to develop renewable projects.

(EUR 1.0 = USD 1.215)

Join Renewables Now's free daily newsletter now!