EDPR sells wind assets in Portugal to China Three Gorges Group

1 March 2017

EDP ​​Renováveis ​​(EDPR) sold to ACE Fund SPV a 49% stake in the capital and inputs related to a portfolio of wind assets located in Portugal for a total price of 242 million euros, the company said in a statement to the market.

EDPR is a subsidiary 77.5%-owned by EDP – Energias de Portugal and the ACE Fund SPV is a company 100% owned by ACE Investment Fund LP, itself a subsidiary of China Three Gorges Hong Kong Ltd, a subsidiary 100% controlled by the China Three Gorges group (CTG), which is the largest shareholder of the EDP group with more than 780 million shares or 21.35% of the share capital.

The statement issued by the Portuguese Securities Market Commission said the “transaction perimeter includes 422 megawatts of wind technology, located in Portugal, with an average life of six years” for the ENEOP-Eólicas de Portugal wind farm project.

The document said that the agreement falls within the strategic partnership established between EDP and CTG on a total investment of 2 billion euros by CTG (including co-financing of operational investment) in operational and ready-to-build renewable energy production projects. (macauhub)