Portuguese group EDP Renováveis signs four power purchase agreements in Brazil

21 December 2011

Madrid, Spain, 21 Dec – Portuguese group EDP Renováveis secured four 20-year power purchase agreements (PPAs) via its subsidiary EDP Renováveis Brasil during an auction held Tuesday in Brazil, the group said in a statement.

The EDP Renováveis group, controlled by EDP – Energias de Portugal, which is currently the focus of a privatization process of the 21.5 percent stake owned in it by the Portuguese state, also said that the four PPA’s are for the equivalent of the renewable energy produced by four wind farms producing a total of 120 MW to be set up in the Brazilian state of Rio Grande do Norte.

The EDP Renováveis group said that, “given the quality of the projects,” the group had sold the equivalent of 57 MW at the auction for sale on the regulated market for a period of 20 years starting in January, 2016.

Meanwhile, investment bank Goldman Sachs said that proposals from Chinese group China Three Gorges Corp and Germany’s E.ON to buy the Portuguese state’s stake in power company EDP – Energias de Portugal were those that offered the biggest potential for increasing the value of the Portuguese group’s shares, especially because of the possibility of future acquisition of the entire group. (macauhub)