Portuguese EDP buys U.S. Horizon Wind Energy
Portugal´s largest industrial company, the power utility EDP, has agreed to buy U.S. wind-park company Horizon Wind Energy from Goldman Sachs at an enterprise value of $2.9 billion to enter the U.S. market and boost its position in renewable energy.
Both EDP and Horizon had been expanding their portfolios in wind power projects very aggressively. Houston based Horizon has 559 gross megawatts of operating wind projects and another 997 MW under construction due to be completed by the end of this year.
“Horizon also has a strong pipeline of projects in several stages of development in 15 different states across the country, with combined aggregate generating potential of over 9,000 MW,” EDP said.
EDP or Energías de Portugal moved into the number seven spot in the global ranking of MW wind power owned through 2006.
EDP saw a 68% spike in its total wind MW owned in 2006 following an aggressive acquisition strategy in its neighbouring country, Spain, where it has plans to invest around $2 billion in Renewable Energy projects.
The acquisition of Horizon will reinforce EDP´s position in the world’s top ten wind power owners, with expected wind-power generation of 3,800 megawatts by the end of 2007.