Portugal: Engel Green Power consolidates 445MW of wind power in Portugal following ENEOP split

Enel Green Power (“EGP”) has taken ownership of six wind farms in Portugal with a total installed capacity of 445 MW, following the approval by the General Shareholders Meeting of Eólicas de Portugal, S.A. (“ENEOP”) to split the company and allocate its 1,333 MW of wind power assets to its shareholders, pro rata with their shareholdings in the company.

The conclusion of ENEOP’s split satisfies a condition precedent to the closing of the agreement signed in September with First State Wind Energy Investments S.A. for the sale of all EGP’s assets in Portugal.

ENEOP was a joint venture between Enel Green Power España, S.L. (“EGPE”), through its subsidiary
Finerge Gestão de Projectos Energéticos S.A. (“Finerge Gestão”), TP-Sociedade Térmica Portuguesa S.A. (“TP”) - which in turn is wholly-owned by Finerge Gestão - EDP Renewables SGPS S.A. and Generg Expansão S.A.

The six wind farms will be owned by Finerge Wind, S.A., a new company created to hold the assets which is 50% owned by Finerge Gestão and 50% by TP. Taking into account these new assets, EGP now has 642 MW of net installed capacity in Portugal.

The required approvals of the terms of the split were all received by the Portuguese Government’s State Secretary of Energy, the Directorate General for Energy and Geology and the Portuguese Competition Authority.