EDP - Energias de Portugal, S.A. ("EDP"), through its subsidiary EDP - Gestão da Produção, SA signed today with International Power Portugal Holdings SGPS, SA a sale and purchase agreement for the sale of its 40% stake in the share capital of Turbogás Produtora Energética, SA ("Turbogás") and its 27% stake in the share capital of Portugen - Energia, SA ("Portugen").
Turbogás was incorporated in Portugal in 1994 with the sole purpose of carrying the development, construction and operation of a combined cycle gas fired power station at Tapada do Outeiro, Portugal, with an installed capacity of 1 008 MW. Turbogás sells the electricity through a power purchase agreement with REN. Portugen was incorporated in Portugal with the purpose of carrying out operation and maintenance services in the referred combined cycle power plant.
The price for 40% of equity of Turbogás and 27% of equity of Portugen was €140 million.
The sale of these assets is in line with EDP's strategy of divesting on non-core assets, minority stakes with no synergies with other assets in EDP.
EDP recognizes a consolidated capital gain of €50 million with this operation.


EDP - Energias de Portugal, S.A.