Sonae Capital and Enel Green Power España had been equal partners in TP but in early 2011 the two companies reached an agreement for Enel Green Power España to buy out Sonae Capital’s share of the company, a deal finalized after obtaining the approval from the Portuguese Competition authority.
TP holds shares in 13 co-generation plants and two wind farms in Portugal as well as a 20 percent direct stake in ENEOP, the Consortium that was granted an authorization to build a total of 1,200 MW of wind power in Portugal. Enel Green Power also owns a 20 percent direct stake in ENEOP.
The deal enables Enel Green Power España to further consolidate 30.8 MW to its existing renewables portfolio on the Portuguese market, for a total of 177 MW of installed capacity in the country. In addition, the acquisition allows Enel Green Power España to increase its shareholding in ENEOP up to 40 percent. That means Enel Green Power España’s capacity in wind projects through ENEOP will increase by 120 MW, reaching 480 MW from the current 360 MW.
By completing this deal, Enel Green Power España will consolidate an additional five million euro EBITDA and 2.29 million euros net income.
Enel Green Power is devoted to the development and management of power generation from renewable sources. The company has an international presence with approximately 22 billion KWh generated from an energy mix that includes water, sun, wind, and geothermal sources—enough to meet the energy needs of about right million households, which in turn eliminates the emission of more than 16 million tons of CO2 into the atmosphere. The company’s installed capacity exceeds 6,100 MW, produced by more than 620 plants in operation around the world.