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Enel Green Power to offload Portuguese renewable unit for $1bn

CTBR Staff Writer Published 01 October 2015

Enel Green Power has agreed to divest its Portuguese unit Finerge Gestão de Projectos Energéticos to First State Wind Energy Investments for €900m ($1bn).

Finerge

The sale of Finerge and the exit from the Portuguese renewable energy sector is part of the Enel Green Power's strategy to optimize its portfolio and move into markets with greater development potential.

Enel Green Power CEO Francesco Venturini said: "This disposal of our Portuguese assets is part of our active portfolio management strategy, a key pillar of the Group's five year strategic plan.

"There is strong demand for renewable assets and by selling an operational platform in a mature market, we register an early success in delivering against the commitments we made to the market earlier this year."

Finerge currently develops, constructs and operates wind farms in Portugal. It owns 35.96% stake in ENEOP - Eólicas de Portugal, a company that owns 1,333MW of operating wind farms.

Through subsidiaries, Finerge indirectly owns a portfolio of operating plants with a total installed capacity of 126MW. It also holds minority stakes for 292MW.

The sale of Finerge, which is subject to the completion of the separation of ENEOP's assets, is expected to be completed in the fourth quarter of this year.

Following the completion of the sale, Finerge will become the sole owner of four special purpose companies that in turn own 445MW of wind farms.

It will also own wind farms in Portugal with a total installed capacity of 863MW.

In July this year, Enel Green Power commenced construction on the 100MW Vientos del Altiplano wind farm in Mexico.

EGP said the investment in the Vientos del Altiplano wind farm is in line with the growth targets set out in its existing business plan.


Image: Finerge currently develops, constructs and operates wind farms in Portugal. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.