EDP Renováveis S.A., 77.5% controlled by EDP, has completed the sale to CWEI (Brasil) Participações Ltda, a subsidiary of China Three Gorges, of a minority equity shareholding in selected wind farms in Brazil.
EDP Renováveis S.A. (EDPR), 77.5% controlled by EDP, following the information released to the market on December 29th 2014 and the obtainment of the relevant regulatory approvals, has completed the sale to CWEI (Brasil) Participações Ltda (CWEI Brasil), a subsidiary of China Three Gorges (CTG), of a minority equity shareholding in selected wind farms in Brazil. Following price adjustments, in order to reach a 49% equity shareholding, CWEI Brasil will invest a total of R$385.7 million, including equity contributions already completed and R$86.8 million of estimated future equity contributions for the projects currently under construction/development.
The transaction scope covers 84MW of wind energy in operation, as well as 237MW of wind energy under construction/development that were already awarded with long?term contracts to sell the electricity produced for 20 years.
These investments by CWEI Brasil comply with the Strategic Partnership in relation to the total €2 billion investment by CTG (including co-funding capex) in operating and ready-to-build renewable energy generation projects.
In June 2014, Energias do Brasil S.A. completed the sale of 50% stake in the company holding the rights to develop the 373MW Jari hydro power plant project, and 50% in the company holding the rights to develop the 219MW Cachoeira Caldeirão hydro power plant project, both in Brazil, to CWEI Participações Ltda.