Santander Corporate & Investment Banking is EDP's financial advisor in the sale of thermal power plant and part of the commercial portfolio in Spain. A business that is valued at 515 million euros.
In a statement, the bank specifies that “it acted as exclusive financial advisor to EDP in the sale of two groups of the combined cycle plant in Castejón and the B2C commercial business in the Spanish market”.
As announced to the market, EDP signed a contract yesterday with Total for the sale of two groups of the combined cycle plant in Castejón (in the Navarra region), with 843 MW of power, and the B2C commercial business (residential customers) ) in Spain, which has 1,2 million customers in the liberalized market.
"The business, valued at 515 million euros, also involves the sale of the 50% stake in CHC Energia, a joint venture with CIDE to sell energy in this segment", says the note.
The sale of these assets is expected to take place in the second half of 2020, subject to due approvals from regulatory authorities.
This transaction is part of the EDP Group's Strategic Plan 2019-2022, and meets EDP's strategic objectives of reducing its portfolio of thermal generation assets and reducing its exposure to price volatility in the wholesale market.