edp announcement
EDP Renováveis enters the romanian wind market through the acquisition of 736MW to be developed
Viernes,
17
Octubre
2008
EDP Renováveis, a subsidiary 77,5% controlled by EDP and listed in the Euronext Lisbon Stock Exchange, acquired 85% of Renovatio Power SRL and Cernavoda Power SRL, which own several wind projects in Romania totaling 736 MW in different stages of maturity and in prime locations: i) 3 wind projects totaling 225 MW classified as Tier 1; ii) 60 MW of projects classified as Tier 2; iii) 12 MW classified as Tier 3; and iv) 440 MW classified as prospects.
EDP Renováveis, a subsidiary 77,5% controlled by EDP and listed in the Euronext Lisbon Stock Exchange, acquired 85% of Renovatio Power SRL and Cernavoda Power SRL, which own several wind projects in Romania totaling 736 MW in different stages of maturity and in prime locations: i) 3 wind projects totaling 225 MW classified as Tier 1; ii) 60 MW of projects classified as Tier 2; iii) 12 MW classified as Tier 3; and iv) 440 MW classified as prospects.
The acquisition value amounts to €8.4 million (Enterprise Value) and an additional success fee will be paid once the wind projects reach the ready-to-build phase.
Romania is a fast-growing early stage wind market within the European Union, with a solid legal framework in place and good wind conditions. On October 8, the Romanian Government reinforced the remuneration attributed to wind farms, increasing the green certificates value. Romania has an 8.3% mandatory quota of energy consumption to come from renewable energy sources by 2010-2012.
The acquisition of these projects will reinforce EDPR?s 27.1 GW portfolio of wind projects (as of June 2008) and will increase EDPR?s optionalities to feed its annual growth targets and install on average 1.4 GW per year. EDPR maintains its growth target to achieve 10.5 GW of gross capacity by 2012.
EDP - Energias de Portugal, S.A.
The acquisition value amounts to €8.4 million (Enterprise Value) and an additional success fee will be paid once the wind projects reach the ready-to-build phase.
Romania is a fast-growing early stage wind market within the European Union, with a solid legal framework in place and good wind conditions. On October 8, the Romanian Government reinforced the remuneration attributed to wind farms, increasing the green certificates value. Romania has an 8.3% mandatory quota of energy consumption to come from renewable energy sources by 2010-2012.
The acquisition of these projects will reinforce EDPR?s 27.1 GW portfolio of wind projects (as of June 2008) and will increase EDPR?s optionalities to feed its annual growth targets and install on average 1.4 GW per year. EDPR maintains its growth target to achieve 10.5 GW of gross capacity by 2012.
EDP - Energias de Portugal, S.A.
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