EDP ​​Renováveis completes sale of 49 pct of wind farms in Brazil to China Three Gorges

21 May 2015

EDP ​​Renováveis ​​concluded the sale to CWEI Brazil Participações, 100 percent controlled by China Three Gorges (CTG), of 49 percent of the share capital of wind farms in operation and under development in Brazil, the company said in a statement issued in Lisbon.

In a statement published by the Portuguese Securities Market Commission (CMVM), EDP Renováveis, which is 77.5 percent owned by EDP – Energias de Portugal, also said the overall value of the deal is 385.7 million reals (about 115 million euros at the current exchange rate).

This figure already includes more than 25 million of future equity contributions for projects currently under construction or development by EDP Renováveis ​​in the Brazilian market.

“These investments by CWEI Brazil fall under the Strategic Partnership Agreement, out of a total investment of 2 billion euros to be made by CTG (including capex co-financing) in operational renewable energy projects and others that are ready to build,” said EDP Renováveis.

The Portuguese company had already announced at the end of December 2014 it had reached an agreement with the Brazilian subsidiary of China Three Gorges (the largest shareholder in EDP) for this deal, which has now been closed after “obtaining the necessary approvals.” (macauhub/BR/CN/PT)