Total buys fourth largest Portuguese renewable energy producer, Novenergia, for €600M
Total won the race for the ownership of Novenergia, the Portuguese renewable energy giant, with a €600M bid. One of its competitors in this race was the Chinese company Datang.
French corporates continue investing in Portugal, this time in the renewable energy sector, having outweighed Datang’s bid, a Chinese company, for the takeover of Novenergia. That society, which also owns Generg, is the fourth biggest renewables producer in Portugal. The acquisition was concluded by the end of last week, according to the Portuguese newspaper, Expresso.
In Portugal, this company is one of the largest and most important producers of renewable energies. Those who had presented bids for Novenergia were already notified about the company’s decision to be sold to Total. Among those which were interested in the Portuguese renewable company, we find state-owned Chinese Datang, north American Fund Contour Global and Finerge, which also produces wind power energy in Portugal.
The leader of the fund, Carlos Pimenta, told the newspaper that the sale process was “very intense and competitive and that the value of the company, of its employees and growth potential, were all recognized by the winning bidder, and all main contestants”.
Standing above Carlos Pimenta’s holding position, we find EDP, which is the largest producer of renewables in the country. Finerge, owned by the Australians at First State, and Iberwind, owned by the Chinese group Cheung Kong, also outweigh the volume of production presented by Novenergia in Portugal.
The French company Total returned to the Portuguese market last year, after having sold all of its petrol station networks in the country to the Spanish group Cepsa, over ten years ago.
