Portugal's EDP starts Initial Public Offering process

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Portugal's EDP Renováveis, the renewables division of the national utility, started the book building process last month for its Initial Public Offering (IPO) of 225 million shares, representing 25% of the company. The money is need to fund its growth, which includes a target to own at least 10.5 GW of wind power capacity by 2012. At the end of March, EDP's wind farm holdings amounted to 3706 MW. Of that, 56% is in the Iberian Peninsula, 42% in the US, with the remaining 2% in France. To meet its 2012 target it needs to maintain its current growth of 1400 MW a year. EDP's project development portfolio amounts to some 26,000 MW across seven countries, with 1150 MW of that already under construction, 16,210 MW described as in the pipeline, and 8677 MW still in the initial development phase. A price range of EUR 7.4-8.9 a share has been floated, valuing the company at EUR 7-8 billion. The offering is worth EUR 1.7-2 billion, the company says, making it the largest IPO in Europe this year so far. Book building was due to conclude on May 30 and share trading on the Lisbon stock exchange will start on June 4.

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