December 19, 2019 / 3:00 PM / a month ago

EDP agrees to sell 6 hydro plants in Portugal for 2.2 bln euros

LISBON, Dec 19 (Reuters) - Portugal’s largest utility EDP-Energias de Portugal has agreed to sell six hydro power plants in Portugal’s Douro river basin for an enterprise value of 2.2 billion euros to a consortium led by France’s Engie , the company said on Thursday.

In a statement, EDP said it expected the deal to be completed by the second half of next year. The other investors in the consortium, where Engie has a 40% stake, are Credit Agricole Assurances and Mirova- Natixis Group, with 35% and 25%, respectively.

“This transaction aims to optimise our portfolio, decreasing our exposure to concentrated hydro volatility and merchant prices, reinforcing the low business risk profile and improving financial leverage,” the company said.

EDP shares were 0.6% higher in late afternoon trading. (Reporting by Andrei Khalip)

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