<p>Energias de Portugal (EDP) commented that the acquisition of Horizon is a natural fit with the company&#0039;s strategy, as it will expand EDP&#0039;s footprint in the renewables market and diversify the company&#0039;s income sources, which reduces portfolio risk. <br /><br />EDP added that the combined entity after the acquisition is complete will have over 3,800MW of wind power generation in operation by the end of 2007. Horizon currently owns 559MW of operating wind projects and has 997MW of projects under construction. <br /><br />EDP said that Horizon also has a pipeline of projects in several stages of development in 15 US states, with combined aggregate generating capacity of over 9,000MW.<br /><br />EDP will acquire the wind power generator from The Goldman Sachs Group for the value of $2,150 million. Horizon&#0039;s net financial debt as of December 31, 2006 was $180 million. <br /><br />The total cash consideration to be paid at the closing of the transaction will be adjusted for capital expenditures, which EDP said are currently estimated to amount to an additional $600 million. The transaction is subject to regulatory approval, but is expected to close by the end of Q2 2007.</p>