Enel Green Power, the renewable branch of Italian energy group Enel, has signed an agreement with First State Wind Energy Investments (Portugal) for the sale of its entire interest (100%) in Portuguese renewable power project developer Finerge. Upon closing of the €900m transaction (completion expected in the fourth quarter of 2015), Enel Green Power will exit the Portuguese renewables market.
Finerge is active in the development, construction and operation of wind parks in Portugal. The company has 126 MW of operating wind parks and minority stakes for 292 MW. The company also owns a 35.96% in ENEOP - Eólicas de Portugal, which owns a portfolio of 1,333 MW of operational wind parks in Portugal. ENEOP is currently separating the assets of the company, and Finerge will become the sole owner of four special purpose companies with a total installed capacity of 445 MW. Following this transaction, Finerge will own a total wind capacity of 863 MW (net capacity of 642 MW).