EDP and Macquarie complete Viesgo transaction
The partnsership includes over 52,000 kilometres of networks and 1.3 million supply points. Viesgo’s 500 MW renewable assets will be integrated into EDPR and, with this investment, EDP strengthens its presence in Spain and its leadership in the energy transition.
EDP and Macquarie Infrastructure and Real Assets have completed the Viesgo transaction announced back in July, which had already received the approval of the European Commission and the Council of Ministers of the Government of Spain.
The agreement includes electricity distribution assets, 500 MW of renewable generation and two thermal power plants, which are in the process of being dismantled and add up to almost 1 GW of potential network access rights.
With this operation, EDP will manage and consolidate the electricity distribution assets of the three distributors Viesgo, Begasa and E-Redes, through a new partnership with Macquarie Infrastructure and Real Assets, where EDP will hold 75.1% and Macquarie Super Core Infrastructure Fund will hold 24.9%. Between the three distributors, they have more than 52,000 kilometres of networks and 1.3 million supply points.
As for the 500 MW renewable assets, mainly wind power, EDP has integrated them into its subsidiary EDPR.
Rui Teixeira, EDP Spain's CEO and interim CEO of EDP Renewables, stated: “We have concluded a strategic operation for EDP, which contributes to achieving the objectives we have set for 2022, through growth in renewable energies and distribution networks. We continue to create value with our investments, while reinforcing our commitment to our large customers and new products and services linked to self-consumption and electric mobility, as vectors that will allow us to accelerate the energy transition.”
Juan Caño, Head of Iberia for Macquarie Infrastructure and Real Assets and a member of Viesgo’s Board of Directors, said: “Viesgo is focused on the future of energy. Through this long-term partnership with EDP, we will ensure this important business continues to develop its network infrastructure and provide safe, reliable, and sustainable electricity to communities across the region.”
The €2.7 billion operation contributes to the achievement of the EDP Group’s Strategic Plan 2019-2022, focused on growth in renewable energies and distribution networks. At the same time, it strengthens EDP’s presence in Spain and enhances the company’s leadership in the energy transition.
