EDP ​​concludes sale to Total of two gas plants and commercial portfolio in Spain

EDP ​​concluded this Tuesday the sale of a portfolio of thermal assets and energy trading customers in Spain to Total for an enterprise value of 480 million euros.

Cristina Bernardo

The deal had been announced on May 18 and was concluded today, according to a communication of Portuguese energy released by the Portuguese Securities Market Commission (CMVM). The business had an enterprise value of 480 million euros.

“The divested portfolio includes two gas plants (Castejón I & III), with an installed capacity of 843 MW, and B2C commercialization activity in Spain, which includes 1,2 million customers in a liberalized market”, the note states.

EDP ​​also sold 50% that it held in joint-venture CHC Energia, in Spain, to CIDE, which held the other 50%, for 35 million euros.

“Following CIDE's exercise of its preemptive right to acquire EDP's 50% stake in its joint venture for the sale of energy in the B2C segment in Spain (CHC Energia), EDP and CIDE reached a agreement for the acquisition by CIDE of EDP's 50% stake in CHC Energia, which should be concluded in February 2021 at an equity value of 35 million euros ”.

EDP ​​also clarified the operation concluded today "is part of the repositioning of EDP's portfolio in the Iberian market, with a reduction in exposure to thermal production and regularized activities".

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EDP ​​earns 515 million with sale of thermal power plant and part of the commercial portfolio in Spain to Total

The energy company stressed that the operation “reinforces EDP's low risk profile, helping to reinforce the weight of long-term contracted and regulated activities in EBITDA and accelerating financial deleveraging, thus allowing an improvement in results”.
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