ENDESA Acquires 290 MW in Wind Power from Sacyr Vallehermoso In Portugal
May 12 2005 - 11:31AM
Business Wire
ENDESA(NYSE:ELE): -- ENDESA has signed an agreement to acquire from
Portuguese company FINERGE, the umbrella of a holding which
operates wind farms and co-generation plants and which has 60 MW in
use and 260 MW in the pipeline. -- The operation is valued at Euro
166.12 million. ENDESA (NYSE:ELE) has signed an agreement with
Sacyr Vallehermoso for the acquisition of 100% of the share capital
of Portuguese company Finerge Gestao de Proyectos Energeticos, S.A.
(FINERGE), umbrella company of a holding which operates wind farms
and co-generation plants in Portugal. The deal hinges on the
pertinent authorisation from the Portuguese anti-trust authorities.
The company, which has 43 subsidiaries, owns projects already in
operation whose installed capacity is 60 MW and projects under
construction or in the pipeline with a capacity of 260 MW. The
operation is valued at Euro 166.12 million, of which Euro 149
million correspond to the acquisition price and the remaining Euro
17.05 million to the amount of loans granted to the company by its
current shareholders. This agreement falls within the framework of
ENDESA's Strategic Plan, which envisages an increase in installed
capacity of renewables amounting to 2,400 MW in Spain and Portugal
in 2005-2009. In this regard, the deal is a chance for ENDESA to
move closer to its objectives. Furthermore, the Portuguese
framework in terms of special regime remuneration, recently
approved, guarantees the return on wind farms, which are ensured
network connection points. This is the case for all FINERGE plants,
for 15 years as from entry into service. ENDESA's cogeneration and
renewable energy plants have a total installed capacity of 2,148
MW. Of this, 1,672 MW correspond to renewable energy plants located
in Spain, 476 MW to cogeneration and waste treatment plants in
Spain and 107 MW to cogeneration plants in Portugal, Colombia and
Mexico. * This document may contain certain forward-looking
statements regarding anticipated financial and operating results
and statistics that are subject to risks and uncertainties as well
as to material risks, changes and other factors which may be
difficult to predict, including, without limitation, those factors
described in the Folleto Informativo Continuado of Endesa filed
within the Comision Nacional del Mercado de Valores and in the Form
20-F of Endesa filed within the Securities and Exchange Commission,
both for the fiscal year ended December 31, 2003. For all of these
forward-looking statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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