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EDP Renováveis signs agreement to acquire licenses for 216 MW of wind energy in Portugal

EDP Renováveis signs agreement to acquire licenses for 216 MW of wind energy in Portugal

Madrid, October 7th 2015: EDP Renováveis, S.A. (“EDPR”) informs that it has reached an agreement with Ventinveste S.A. (“Ventinveste”), a consortium led by Galp Energia, SGPS, S.A. and Martifer, SGPS, S.A., for the acquisition of a group of special purpose vehicles (“SPVs”) that hold licenses and interconnection rights corresponding to a total of 216.4 MW of wind energy capacity in Portugal, for a reference price of around €17 million.

This wind energy capacity was awarded with a long-term feed-in tariff in 2007, under the Phase B of a tender launched by the Portuguese Government. Following the agreement reached between the Portuguese Government and several operators in the wind energy sector in September 2012, the 216.4 MW will be remunerated according to a feed in-tariff for a 20-year period (or a maximum of 44 GWh/MW).
With this transaction EDPR intends to maximize the value created from projects since the early stages of development by applying its distinctive technical and wind assessment know-how. The commissioning and beginning of operations of EDPR’s new wind farms is expected to occur through 2018.

Completion of this transaction is subject to approval from administrative and competition authorities in Portugal.

EDP Renováveis, S.A.

Announcement