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Spanish construction group to sell stake in Portuguese wind developer Finerge
1 May 2005
Sacyr Vallehermoso, Spain's fourth largest construction group, confirms it is negotiating the sale of its 50% stake in Portuguese wind developer Finerge. The company declines to name contenders or say why it is selling. Spanish utility Endesa has been named as front-runner by Portuguese business newspaper Jornal de Negocios. Endesa declines to comment. Finerge operates around 50 MW of wind power in Portugal, with a further 300 MW planned. The company is part of a wind development consortium together with Portugal's Generg, EDF Énergies Nouvelles (the renewables wing of French utility EDF), and German wind turbine supplier Enercon. Sacyr acquired its stake in Finerge last year when it bought more than 90% of Portugal's top construction firm, Somague, which owned 50% of the wind company. At the time, Sacyr stressed the importance of diversifying into renewables. The sale now may be more an indication of attractive offers from buyers, rather than a pressing desire to get out of the wind business. With arch rival Iberdrola fast gaining ground in the booming Portuguese wind market, Endesa has reason to be waving its chequebook.
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