Energias do Brasil and Grupo Rede conclude asset swap which reinforces EDP Group's position in power generation in Brazil
Yesterday, EDP - Energias do Brasil, S.A., a company owned in 64.8% by EDP - Energias de Portugal, and Grupo Rede completed the asset swap announced to the market on June 19, 2008, following the costumary authorizations have been met.
Yesterday, EDP - Energias do Brasil, S.A. ("Energias do Brasil"), a company owned in 64.8% by EDP - Energias de Portugal, and Grupo Rede completed the asset swap announced to the market on June 19, 2008, following the costumary authorizations have been met.
As a result of this operation, Energias de Brasil has no longer a capital position in Enersul (an electricity distribution company in Mato Grosso do Sul state). Thus, Enersul will be excluded from the consolidation perimeter as from September 2008. Additionally, Energias do Brasil reinforced its position in Investco, to 73% from 27,65% of voting stake, whereby this investment will be fully consolidated as of September 2008.
This operation is in line with EDP's strategic targets to balance Brazil's assets portfolio, through the increasing exposure to the energy generation sector. The reinforcement of its stake in Investco assures the managing control position by Energias do Brasil in Investco, the company that holds Lajeado Hydro plant in Tocantins, with an installed capacity of 902.5MW. Furthermore it gives to Energias do Brasil the right over 73.00% of the energy generated by the plant.
EDP - Energias de Portugal, S.A.
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