Cheung Kong Infrastructure to Buy 50% Stake in Portuguese Wind Energy Company
October 04 2015 - 9:14PM
Dow Jones News
By Joanne Chiu
Cheung Kong Infrastructure Holdings Ltd (1038.HK) has agreed buy
a 50% stake in a Portuguese wind-energy company for around 144
million euros ($161.5 million), marking the company's first entry
in the European country's energy sector.
The infrastructure investment arm of Hong Kong tycoon Li
Ka-shing said after markets closed Friday that its plan to buy a
major stake in Iberwind-Desenvolvimento e Projectos S.A., a wind
energy company in Portugal, is subject to approval from the
Portuguese Competition Authority. The deal is expected to be
completed by the end of 2015.
Separately, Cheung Kong Infrastructure's 38.9%-owned Power
Assets Holdings Ltd. (0006.HK) said it agreed to set up a joint
venture with CKI for the management of the investment in
Iberwind.
The move comes after a proposed merger in September of the
infrastructure-focused CKI with its Hong Kong-listed power utility
affiliate in an all-shares deal in a bid to strengthen its war
chest for acquisitions.
Iberwind, a wind-power electricity in Portugal, has an installed
capacity of 684 megawatt from 31 wind farms, representing around
15% market share in the Portuguese wind market.
Write to Joanne Chiu at joanne.chiu@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 04, 2015 20:59 ET (00:59 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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