EDPR announces the sale of minority stakes in wind farms in Brazil to CTG
EDP Renováveis S.A. entered today into an agreement with CWEI Brasil, a subsidiary of China Three Gorges, to sell an equity shareholding of 49% in both operational and under development wind farms in Brazil.
Pursuant to the terms and for the purposes of article 248 of the Portuguese Securities code, EDP - Energias de Portugal SA ("EDP") is providing the following information to the market:
EDP Renováveis S.A. ("EDPR"), 77.5% controlled by EDP, entered today into an agreement with CWEI (Brasil) Participações Ltda ("CWEI Brasil"), a subsidiary of China Three Gorges ("CTG"), to sell an equity shareholding of 49% in both operational and under development wind farms in Brazil. The transaction scope covers 84 MW in operation, with an average age of 4 years, as well as 237 MW under development, remunerated according to long-term awarded contracts to sell the electricity produced for 20 years.
In order to achieve the 49% equity shareholding, CWEI Brasil will invest a total of R$364.8 million, including R$100.8 million of estimated future equity contributions for the projects currently under development. Financial closing is expected to occur by the 1H15 and is subject to the customary regulatory approvals.
These investments by CWEI Brasil shall be considered for the purposes of compliance with the Strategic Partnership in relation to the total €2 billion investment by CTG (including co-funding capex) in operating and ready-to-build renewable energy generation projects.
EDP – Energias de Portugal, S.A.
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