CTG to take 20% in Portugal's ENEOP consortium

PORTUGAL: EDP Renovaveis (EDPR) is to sell 49% of its 40% stake in the Portuguese ENEOP wind consortium to China Three Gorges (CTG) as part of CTG's ongoing EUR 2 billion investment in EDPR's operations and projects.

The ENEOP cluster consists of 46 projects across Portugal

EDPR has not disclosed how much it will make from the deal but it expects the purchase to be completed in 2015. ENEOP is currently headed by EDP Renováveis (EDPR) and Enel Green Power.

The ENEOP consortium will next year complete installation of the 1200MW it was awarded at auction in 2006. According to EDP, ENEOP received authorisation this year to increase capacity at its existing wind farms by a further 135MW. Once construction work is completed, ENEOP's assets will be split between shareholders.

A spokeswoman for the Portuguese renewables association APREN told Windpower Monthly, that CTG's decision to take a stake in ENEOP "is a sign of confidence in the Portuguese wind sector" by a company which has shown itself to be "a clever investor".

In February, ENEOP has secured  EUR 300 million in project finance from the European Investment Bank (EIB) to develop the third and final tranche of the 1.2GW of capacity it was awarded by government tender in 2006.