An arm of electricity company Energias de Portugal (EDP), EDP Renováveis, has said it will sell 49 percent of a set of wind power assets to a subsidiary of the largest shareholder in EDP, China Three Gorges Corp. (CTG), for €248 million (US$ 283 million).
EDP Renováveis issued a written statement saying the assets are in Portugal and have a combined capacity of 422 megawatts.
EDP issued its own written statement saying the sale is “within the context of the strategic partnership established between EDP and CTG in relation to the total investment of €2 billion (including investment co-financing) in operational and ready-to-build renewable energy production projects”.
CTG owns 21.35 percent of EDP. The Chinese company agreed in 2011 to buy gradually assets belonging to EDP, in particular renewable energy assets.