Enel Green Power sell wind assets in Portugal

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Enel Green Power sell wind assets in Portugal

Enel Green Power S.p.A. (EGP), through its subsidiary Enel Green Power España, S.L. (EGPE), 60% owned by EGP and 40% owned by Endesa), has closed the sale of the entire share capital of Finerge Gestão de Projectos Energéticos, S.A., a wholly-owned EGPE subsidiary operating wind farms in Portugal for a net installed capacity of 642 MW, equivalent to a gross capacity of 863 MW, to Portuguese company First State Wind Energy Investments S.A. , a wholly owned subsidiary of funds managed by First State Investments, a global asset management business.

The total consideration for the sale is €900 million (US$953.5 million), including the repayment of a shareholder loan to Finerge Gestão. With this sale, EGP has exited the Portuguese renewables market.

The sale was finalized following the completion of the split of ENEOP - Eólicas de Portugal, S.A., a company that used to own a portfolio of operating wind farms with a total installed capacity of 1,333 MW in which Finerge Gestão held a stake of 35.96%.

As a result of the split, Finerge Gestão fully consolidated six wind farms for a total installed capacity of 445 MW. The above capacity was added to Finerge Gestão’s previous portfolio of majority and minority-owned assets, equal to a net consolidated capacity of, approximately, 197 MW (or 418 MW gross).

The total consideration of 900 million euros is subject to price adjustments in line with standard practice for this type of transaction. The amount has been paid in full, generating an estimated positive impact on the Enel Green Power Group’s consolidated net financial debt of approx. €550 million, taking into account the effects of ENEOP’s consolidation. The expected gain on the transaction, which includes the effects of ENEOP’s consolidation, is estimated at about €30 million (US$31.8 million).

The sale of Finerge Gestão and the resulting exit from the Portuguese renewable energy sector is part of EGP's strategy to optimise its portfolio and seize opportunities in countries with greater development potential, in line with the objectives of the Company’s current business plan.

Finerge Gestão works in the development, construction and operation of wind farms in Portugal. In 2014 the company posted consolidated revenues of about €38 million euros and consolidated EBITDA of some €29 million.

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.