According to the European Commission,' the proposed merger did not raise competition concerns because of its limited impact on the EU market' and therefore gave the green light for business.
The European Commission on Monday approved the sale of six EDP dams in the Douro to a consortium of French companies composed of Engie, Mirova and Crédit Agricole, concluding that the operation does not affect competition in the EU.
For the EU executive, the proposed merger did not raise competition concerns because of its limited impact on the EU market, according to the note.
At stake is the sale of six EDP – Energias de Portugal dams in Portugal to a consortium led by Engie.
Last December, EDP announced the sale of the concession of six dams in Portugal to a consortium of investors, formed by Engie, Crédit Agricole Assurances and Mirova, for €2.2 billion.
In a communiqué to the market at the time, EDP specified that this consortium was formed by Engie (40% stake), Crédit Agricole Assurances (35%) and Mirova – Natixis Group (25%).
The hydroelectric power stations, in the Douro River basin, total 1,689 megawatts (MW) of installed capacity.
At stake are three power plants, in Miranda, Bemposta and Picote, with 1.2 gigawatts (GW) of installed capacity and three pumping stations, in Foz Tua, Baixo Sabor and Feiticeiro, with 0.5 GW of capacity.
At the time, the transaction was expected to be concluded in the second half of this year.