This acquisition adds further 30.8 MW in Portugal to be consolidated with Enel Green Power Españas assets;
The acquisition increases EGPEs stake in Eneop to 40%, granting EGPE with additional 120MW of capacity in wind projects;
This transaction is a step in the implementation of Enel Green Power Portfolio Optimization Strategy.
Rome / Madrid, June 9th, 2011 Enel Green Power España, through its subsidiary Finerge, has acquired an additional 50% stake in Sociedad Térmica Portuguesa, S.A. (TP) thus becoming the only shareholder of the Portuguese renewable company. Enel Green Power España was already 50% owner of the company.
TP holds shares in 13 cogeneration plants and 2 wind farms in Portugal as well as a 20% direct stake in ENEOP, the Consortium that was awarded with an authorization to build a total of 1,200 MW of wind power in Portugal. Enel Green Power owns a 20% direct stake in ENEOP.
This deal allows Enel Green Power España to consolidate further 30.8 MW to its existing renewables portfolio on the Portuguese market, therefore reaching 177 MW of installed capacity in Portugal. The deal also enables Enel Green Power España to increase its shareholding in ENEOP up to 40%. As a result, Enel Green Power Españas capacity in wind projects through ENEOP will grow by 120 MW, reaching 480 MW from the current 360 MW.
In making this acquisition, Enel Green Power España will consolidate an additional 5 million euro EBITDA and 2.29 million euros net income.
SONAE CAPITAL and Enel Green Power España were partners in TP, each with a 50% shareholding. At the beginning of 2011 the two companies reached an agreement for the sale of the 50% ownership held by SONAE CAPITAL and the deal has been finalized today after obtaining the greenlight from the Portuguese Competition authority.
About Enel Green Power
Enel Green Power is the Enel Group company devoted to the development and management of power generation from renewable sources at the international level, with a presence in Europe and the Americas. It is among the industry leaders worldwide thanks to its approximately 22 billion KWh generated from a well balanced energy mix inclusive of water, sun, wind and geothermal sources. This is enough to meet the energy needs of about 8 million households and avoid the emission of more than 16 million tons of CO2 into the atmosphere. The company's installed capacity exceeds 6,100 MW, produced by more than 620 plants in operation around the world, with a generation mix that includes wind, solar, hydro, geothermal and biomass.