EDP completes the acquisition of Viesgo and adds another 500 MW of wind power in Spain

  • ECO News
  • 17 December 2020

With this operation, EDP will manage and consolidate the distribution assets of Viesgo Distribución, Begasa and E-Redes.

EDP and Macquarie Super Core Infrastructure Fund revealed on Wednesday that they have completed the 2.7 billion euro deal for the acquisition of the Spanish company Viesgo, which had already received final approval from the European Commission and the Spanish Council of Ministers.

The agreement includes the acquisition by EDP of Viesgo’s electricity distribution assets: 0.5 GW of renewable energy, as well as two thermoelectric plants in the process of being dismantled, with potential grid connection points for the development of renewable projects.

Also in the context of this transaction, EDP Renováveis is also taking advantage of the 0.5 GW of Viesgo’s renewable assets in the Iberian Peninsula, mostly wind power.

“We have completed a strategic operation for EDP, which contributes to achieving the objectives we committed to in 2022, through growth in renewable energies and distribution networks. We continue to create value with our investments, while reinforcing our commitment to our customers and to new products and services, such as self-consumption of energy and electrical mobility, vectors that will enable us to accelerate the energy transition,” said Rui Teixeira, Chairman of EDP Spain and interim CEO of EDP Renováveis.

In a statement, EDP informs that, with this operation, it will manage and consolidate the assets of Viesgo Distribución, Begasa and also of E-Redes – previously 100% owned by EDP – through a new long-term strategic partnership 75.1% owned by EDP and 24.9% by Macquarie. Together, these three electricity distributors have over 52,000 kilometres of networks and 1.3 million distribution points.

“Viesgo is focused on the future of energy. With this long-term agreement with EDP, we ensure that the network infrastructure and the electricity supply are maintained in a secure, reliable and sustainable way,” says Juan Caño, head of Macquarie in the Iberian Peninsula and member of the Viesgo board of directors.