Portuguese Electricty Provider Acquires U.S. Wind Power Company For $2.15 Billion
Energias De Portugal is buying Horzon Wind Energy of Houston, Texas.
Energias de Portugal, S.A. (EDP), an electric utility provider based in Portugal, announced Tuesday its acquisition of Horizon Wind Energy LLC, an operator of wind power generation in the U.S., from The Goldman Sachs Group, Inc., for $2.15 billion.
The transaction is expected to be completed by the end of the second quarter of 2007.
According to EDP, the acquisition will enhance EDP's global leadership position in renewable generation technologies and provide entry into the rapidly growing U.S. market for wind power.
The combined entity resulting from the acquisition will allows EDP to have more than 3,800 gross megawatts (MW) of wind power generation in operation by the end of this year.
Horizon, headquartered in Houston, Texas, currently owns 559 gross MW of operating wind projects and has 997 MW of projects under construction, with planned operational capacity of 1,556 gross MW by the end of 2007. They also have several projects in development in 15 states, with combined aggregate generating capacity of over 9,000 MW.
EDP, in Portugal and Spain, has over 13,500 MW of installed generation capacity and up to 7 million customers.