Through the agreement, the companies will establish a partnership to identify, analyze and eventually develop opportunities for the joint execution of hydro power plant projects in the two hydrological basins.

Energias de Portugal (EDP) said that, within the scope of the agreement, each project will be undertaken through a company created for this purpose. While EDP Producao will hold 55% of the new company’s capital, Eviva Energy will hold 45%.

The agreement is in line with EDP’s existing plan for the development of new hydro capacity in Portugal, through which the company plans to increase its current 4,405MW hydro capacity by an additional capacity of 1,000MW until 2015.