EDP has reached sales agreements related to the EDP - China Three Gorges Power (CTGPC) strategic partnership established in December 2011 and that entered into force in May 2012. In the context of this partnership, CWEI Brasil, a fully-owned subsidiary of CTGPC, signed the agreement to acquire a 50% stake in the Cachoeira Caldeirão hydro power plant project (219 MW), by reimbursing the respective costs incurred so far and assuming the future equity commitments estimated to amount R$294m (US$127m) throughout the construction period. CWEI will also acquire 50% in the project company for the Jari hydro power plant project (373 MW), for a value of R$490m (US$211m), assuming additional equity commitments estimated at R$81m (US$35m) until the end of construction of such project.
In addition, EDP and EDP Renováveis have also signed a Memorandum of Understanding with CTGPC and CWEI, envisaging the sale of 49% of the equity owned by EDPR in Eólicas de Portugal (ENEOP) consortium. EDPR owns a 40% stake in the consortium, which is developing 1,200 MW of wind projects in Portugal. Considering the envisaged formal asset splitting process of ENEOP’s assets, the agreed transaction is expected to occur in 2015.
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