Enel Green Power’s Spanish subsidiary has completed the sale of its Portuguese wind-power unit to First State Wind Energy Investments.
Enel Green Power Espana, 60% owned by EGP and 40% owned by Endesa sold the entire share capital of Finerge Gestao de Projectos Energeticos, which has a net installed capacity of 642 megawatts, for €900 million, including the repayment of a shareholder loan to Finerge Gestao.
With the sale, EGP has exited the Portuguese renewables market. The sale was finalized following the completion of the split of Eolicas de Portugal, a company that used to own a portfolio of operating wind farms with a total installed capacity of 1,333MW in which Finerge Gestao held a stake of 35.96%. As a result of the split, Finerge Gestao fully consolidated six wind farms for a total installed capacity of 445MW. The capacity was added to Finerge Gestao’s previous portfolio of majority and minority-owned assets, equal to a net consolidated capacity of 197MW.
The sale of Finerge Gestao and the resulting exit from the Portuguese renewable energy sector is part of EGP’s strategy to optimise its portfolio and seize opportunities in countries with greater development potential, in line with the objectives of the Company’s current business plan.