EDP concludes sale of Mascarenhas hydroelectric power station in Brazil

EDP - Energias de Portugal, through its subsidiary EDP - Energias do Brasil, which holds 57.55%, informed the market that it concluded this Wednesday the sale of 100% of the share capital of Energest, owner of the Mascarenhas hydroelectric power plant, to VH GSEO UK Holdings Limited, a subsidiary of Victory Hill Global Sustainable Energy Opportunities.

"The transaction was completed in line with the terms and conditions previously disclosed, for a total amount of 1,225 million Brazilian reais (223.98 million euros), having received (already) the amount of 800 million reais (146.27 million euros) less anticipated dividends and cash adjustments resulting in a net value of 708 million reais (129 million euros considering an exchange rate of 5.47 euros/reais)," the statement said.

Mascarenhas hydroelectric power plant has 198 MW (megawatts) of installed capacity and is located in the state of Espírito Santo in Brazil.

With this transaction, EDP reduces the weight of conventional generation and, in particular, hydro exposure in Brazil, in line with the 2021-2025 strategic plan presented to the market in February 2021.