EDPR sells equity stake to China Three Gorges

PORTUGAL: EDP Renovaveis (EDPR) has agreed to sell a 49% stake in a portfolio of wind assets to a subsidiary of China Three Gorges (CTG) for €242 million.

EDPR earnings helped by 629MW of new capacity in North America

The sale involves 422MW developed by the ENEOP consortium in Portugal and fully consolidated by EDPR after assets were split when the consortium was wound up in 2015.

The deal is part of CTG's €2 billion investment commitment, as a major shareholder in EDP, to developing the Portuguese company's operating and ready-to-build renewable energy projects.

Under the agreement with EDPR, in October 2015 CTG acquired a 30% stake in the 1.1GW Moray Firth offshore wind project in Scotland.

EDPR's financial results for 2016 show a 7% rise in revenue to €1.65 billion and 3% growth in Ebitda to €1.17 billion despite a 5% drop in the average selling price for its electricity in 2016.

This was achieved thanks to an 8% increase in installed capacity to 10.4GW, including 629MW of new capacity in North America and a further 120MW in Brazil.