Portugal's EDP snaps up 600 MW

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NEO Energia, the renewables division of Portugal's national utility Energías de Portugal (EDP), has bought a portfolio of wind power projects in France totalling 595 MW for EUR 51.3 million from French developer Eole 76 and Monaco-based Eurocape. Of this, 35 MW is already operating at three locations in Normandy and 8 MW is under construction at Montloué in Picardy, where four Enercon turbines should start turning in 2010. A further 12.5 MW is scheduled for completion by the end of 2010, while applications are pending for an additional 43 MW. The remaining 500 MW is at various stages of development. The projects are mostly located in the Normandy and Rhône-Alpes regions. EDP will finance the deal with EUR 8.5 million of shareholders' loans plus EUR 43.3 million of project finance debt. In addition, EDP will pay a "success fee" for projects which obtain their siting permits before the end of 2013. EDP's total installed capacity in France now stands at 122 MW.

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