Portugal: Renewable energy company EDP Renováveis buys wind farms in France

Renewable energy company EDP Renováveis has bought French wind farms that are in operation and others under construction from EOLE 76 and Eurocape, in a deal valued at over 94 million euros, the Portuguese company said Tuesday.

The transaction was carried out for an “equity value of 51.3 million euros (including 8.3 million euros in shareholder loans) and EDP Renováveis will take on 43.3 million in project finance debts,” EDP said in the statement.

With this deal EDP becomes the third-biggest wind farm operator in France and in terms of installed capacity will have 122 megawatts of wind energy.

The acquisition was made by EDP Renováveis, via NEO, and includes three wind farms in operation in the Normandy region and several projects under development, mainly located in Normandy and Rhônes-Alpes.

The gross installed capacity of the farms already in operation is 35 megawatts, whilst the farms being developed are expected to have a capacity of 560 megawatts.

Of the projects under development, 8 megawatts are under construction, 12.5 megawatts have all the necessary authorisation for construction and are expected to go into operation between 2009 and 2010, and 43 megawatts have construction licenses awaiting authorisation.