Sale of Portugal’s wind farms to China could net EDP 300 million euros

8 November 2012

The sale of minority stakes in Portuguese wind farms to China Three Gorges could net Portuguese company EDP 300 million euros, said the company’s chief executive, António Mexia at the presentation of the power company’s results for the first nine months of the year.

“We have a commitment to take in 800 million euros from the sale of assets (to China Three Gorges) between May 2012 and May 2013, and we hope that the first tranche (relating to the sale in Portugal) will be sold by the end of the year, and this will be worth 300 million,” said Mexia.

The chief executive of EDP also said that a study was being carried out to decide where China Three Gorges, following Portugal, will buy minority stakes in wind farms.

Mexia said that EDP expected to net 440 million euros from the sale of assets at the end of the year, which would help to pay off debt and generate cash flow to invest in new markets. The assets up for sale include the distribution network in Spain and the sale of a 49 percent stake in four wind farms in the United States. (macauhub)