to-the-point: Austria's Verbund drops out of race for EDP's HPPs - report

Author: grendelkhan. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

November 29 (Renewables Now) - Verbund (WBAG:VER) is no longer competing for the hydropower plants (HPPs) worth around EUR 2 billion (USD 2.2bn) offered for sale by Energias de Portugal SA (ELI:EDP), Reuters reported on Friday, citing a spokeswoman for the Austrian utility.

Verbund was in the shortlist of final bidders for the Portuguese utility's hydro assets together with Spanish utility Iberdrola SA (BME:IBE), Norway’s hydropower company Statkraft AS, German investment firm Aquila Capital and French utility Engie SA (EPA:ENGI), according to earlier reports by Reuters.

EDP is looking to sell the HPPs as well as other assets in Portugal and Spain and invest the proceeds into its renewable energy business.

(EUR 1.0 = USD 1.1)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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