EDP acquires Horizon Wind, forms consortium

http://www.insidegreentech.com/node/1440

Energias de Portugal (EDP) used today, the closing of its acquisition of wind developer Horizon Wind Energy, to announce new wind power initiatives with a group of financiers.

EDP acquired Horizon, a leading developer, owner and operator of wind power generation in the United States, from Goldman Sachs in a transaction that valued Horizon at $2.74 billion.

Horizon is now to develop wind power projects with a consortium including JP Morgan, ABN Amro and Morgan Stanley, which are to collectively invest about $700 million to build a portfolio with an installed capacity of 722 MW.

The company added that the deal is to allow EDP to get the production tax credits linked to the wind power production of the projects, and the depreciation of Horizon's wind parks.

Executives from EDP and Horizon held a press conference today in New York.

EDP is a vertically-integrated utility active in the electricity and gas industries across the entire value chain—generation, distribution and supply—in Portugal, Spain, and Brazil.

Horizon develops, constructs, owns, and operates wind farms throughout the United States.

Horizon is expected to be the third largest owner of wind power generation facilities in the United States by the end of 2007, with 1,324 net MW of generating capacity in operation.

Horizon also has a portfolio of development projects across fifteen states, with a combined aggregate generating potential of over 9,000 MW.