EDP delays sale of wind farms to Three Gorges in Spain

Oct 31, 2013 - EDP Renovaveis (ELI:EDPR), the green power arm of Portuguese power utility EDP (ELI:EDP), will wait until 2014 with the sale of wind power assets in Spain to its largest shareholder China Three Gorges (CTG), chairman Joao Manos Neto said yesterday at a conference call with financial analysts.

The company plans to wait and see the impact of the recent energy reform in Spain on its business.

The planned asset sale is part of an agreement envisaging the divestment of up to 1,500 MW in installed capacity or in plants under construction. The agreement covers the period 2012-2015 and CTG is expected to spend EUR 2 billion (USD 2.733bn) on acquiring the assets. Up to now, the Chinese firm has invested EUR 359 million in buying 644 MW in Portugal.

CTG owns 21.35% in EDP.

(EUR 1.0 = USD 1.367)

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