Energias De Portugal Group Buys Two Romanian Wind Power Cos For EUR8.4M

Energias de Portugal Group (EDP), the world's fourth-largest wind project developer, paid EUR8.4 million to Cyprus-based Renovatio Group Limited for 85% of shares in Romanian companies Renovatio Power and Cernavoda Power, which unfold wind power projects totaling 736 megawatts (MW).

Bucharest-based Renovatio Power and Cernavoda Power own wind power projects in different stages of maturity and in prime locations.

The deal was conducted via EDP Renovaveis, which is 77.5% owned by EDP Group, and an additional success fee will be paid once the wind power projects reach the ready-to-build phase, a press release of the Group read.

Renovatio Group Limited owns a 95% stake in Renovation Power and the majority stake in Cernavoda Power, while the remaining stake in Renovation Power is in the hands of private individual Alexandru Ioan Teodorescu.

EDP officials said Romania is a fast-growing early stage wind power market with a solid legal framework and good wind conditions, adding Romania must increase the renewable power production until 2010-2012, to 8.3% of total deliveries.

EDP Group operates in Portugal, Spain and Brazil.

Mediafax