The sale was finalized following the completion of the split of ENEOP – Eólicas de Portugal, S.A. (ENEOP), a company that used to own a portfolio of operating wind farms with a total installed capacity of 1,333 MW in which Finerge Gestão held a stake of 35.96%. As a result of the split, Finerge Gestão fully consolidated six wind farms for a total installed capacity of 445 MW. The above capacity was added to Finerge Gestão’s previous portfolio of majority and minority-owned assets, equal to a net consolidated capacity of, approximately, 197 MW (or 418 MW gross).
The total consideration of 900 million euros is subject to price adjustments in line with standard practice for this type of transaction. The amount has been paid in full, generating an estimated positive impact on the Enel Green Power Group’s consolidated net financial debt of approx. 550 million euros, taking into account the effects of ENEOP’s consolidation. The expected gain on the transaction, which includes the effects of ENEOP’s consolidation, is estimated at about 30 million euros.
The sale of Finerge Gestão 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.
Finerge Gestão works in the development, construction and operation of wind farms in Portugal. In 2014 the company posted consolidated revenues of about 38 million euros (approx. 106 million euros pro forma, considering the effects of the consolidation of ENEOP) and consolidated EBITDA1 of some 29 million euros (about 90 million euros pro forma considering the effects of the consolidation of ENEOP).
First State Wind Energy Investments is 100%-owned by funds managed by First State Investments (“FSI”), a global asset management business.