EDP Renovaveis SA (EDPR) has entered into an agreement with China Three Gorges International (Hong Kong) Co. Ltd., a fully owned subsidiary of China Three Gorges, to sell a 49% equity shareholding and 25% of the outstanding shareholders loans in EDP Renovaveis Portugal SA for a total consideration of 359 million euros.
The transaction scope covers 615 MW in operation, with an average age of six years, as well as 29 MW of ready-to-build projects, remunerated under a feed-in-tariff regime. During the last 12 months, EDPR's EBITDA and net profit in Portugal amounted to 116 million euros and 43 million euros, respectively, while total net fixed assets totaled 558 million euros as of September. EDPR says it will continue to fully consolidate the assets.
The transaction is subject to the customary regulatory approvals, with closing expected to occur in the first half of 2013.