Energias de Portugal group delays sale of Spanish assets to China Three Gorges until 2014

31 October 2013

Portuguese energy group EDP – Energias de Portugal has delayed until 2014 the sale of wind farms in Spain to China Three Gorges, which is its biggest shareholder with a 21.35 percent stake, the chairman of renewable energy company EDP Renováveis, João Manos Neto said Wednesday.

João Manos Neto said the deal, which was part of the strategic partnership agreement between the two groups, was awaiting clarification on the impact of recent energy sector reforms in Spain.

The agreement with China Three Gorges included payments of 2 billion euros, between 2012 and 2015, with the sale of 34 percent to 49 percent of installed projects (900 megawatts) or which are about to be built (600 MW).

So far only 359 million euros have been contracted, relating to 644 MW, for wind farms in the Portuguese market. This amount, according to Portuguese financial daily, Diário Económico, falls short of the agreed 800 million euros the Chinese group was to pay out before May 2013. (macauhub)