EDP may sell hydroelectric dams valued at EUR 1bn - report (translated)
18 FEB 2019
EDP [ELI:EDP], Portugal’s largest power utility, could sell a number of hydroelectric dams valued at about EUR 1bn, reported Expresso on 18 February.
A new strategic plan is being drawn up by the group that includes fresh investments and asset sales, the Portuguese-language newspaper reported, quoting a source in EDP’s supervisory board.
EDP will announce its revised strategic plans on 12 March this year, the report said. Expresso did not specify the EDP hydroelectric dams that could be sold from the company's 8,785 MW of dams, mainly located in Portugal and accounting for 32% of its total global generation capacity. Some of the more modern EDP dams are pumped storage facilities, while the older ones are the basic hydro models.
The dams are not part of the EDP assets that minority investor Elliot Management proposed the Portuguese utility to sell in order to lower its debt burden.
EDP Brasil, worth EUR 2.3bn, and Iberian transmission networks, valued at EUR 3.6bn, were the two assets proposed last week by Elliot Management, as reported.
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