December 8 (Renewables Now) - Energy giant EDP - Energias de Portugal SA (ELI:EDP) announced today it has completed the divestment of the 198-MW Mascarenhas hydropower plant (HPP) in Espirito Santo state, southeastern Brazil.
Through its local unit EDP - Energias do Brasil SA, the company sold its entire participation in Energest SA, the owner of the asset, for a total amount of some BRL 1.22 billion (USD 234.4m/EUR 222.6m).
VH GSEO UK Holdings Ltd, a subsidiary of Victory Hill Global Sustainable Energy Opportunities, is the buyer.
EDP said it received a net amount of BRL 708 million on this day, after the agreed BRL 800 million was adjusted for prepaid dividends and cash adjustments.
The divestment was agreed in August as part of EDP's 2021-2025 business plan targets, which include reducing the weight of conventional generation and namely hydro exposure in Brazil.
(BRL 1.0 = USD 0.191/EUR 0.182)