EDP acquires 100% of Genesa

PORTUGAL: Portugal's EDP Renováveis (EDPR) it has take full control of Spanish developer Genesa, following the decision of Caja Madrid to exercise the sell option on its 20% stake.

by Branislav Pekic 4 April 2011

The agreement was announced on March 30 in a statement to Portugal’s financial markets regulator CMVM. According to the terms of the deal, the pre-set price was €231 million. With the closing of this transaction, expected for April 1, EDPR will control 100% of Genesa.

The acquisition was already provided for in EDPR’s balance of December 2010 for a total of €235 million. The deadline for the put option of the 20% by Caja Madrid ended in late 2010.

As of December 2010, the Spanish energy company had 1.7 GW of installed wind capacity, 50MW under construction and 3.9GW of pipeline & prospects.