CTG buys ENEOP stake from EDPR

Portuguese renewables giant EDPR is to sell 49% of its interest in the ENEOP wind power consortium to China Three Gorges.

The agreement is part of a €2bn ($2.75bn) investment in renewables planned by CTG through to 2015, following the Chinese giant’s 2011 purchase of a stake in EDP, the Portuguese utility that is EDPR’s main shareholder.

The transfer will leave CTG holding roughly 20% of ENEOP.

ENEOP signed a deal to develop 1.2GW of wind following a Portuguese government tender in 2006.

Today EDPR said the group had this year received approval to add a further 135MW to that total.

The consortium  had installed 970MW by the middle of 2013.

The other stakeholders in ENEOP include Italy’s Enel Green Power.

The formal process of splitting ENEOP’s assets is expected to see the deal with CTG completed in 2015, said EDPR.