Portuguese utility Energias de Portugal has completed the previously announced acquisition of 100% of US-based developer, owner and operator of wind power generation Horizon Wind Energy.
The acquisition was completed after the applicable federal and state-level approvals were granted by US regulatory authorities. This condition had been provided for in the agreement signed between Energias de Portugal (EDP) and Goldman Sachs on March 27, 2007.
The final price of the transaction was set at an enterprise value of $2.7 billion, including the capital expenditures supported by Goldman Sachs between the end of 2006 and July 3, 2007, when the transaction completed.
EDP said that, as previously disclosed, the acquisition was financed through a syndicated loan of $3 billion contracted at EDP level, split by a $1.5 billion tranche with a one-year maturity (with an option to extend it for another year) and another $1.5 billion tranche with seven years’ maturity. This syndicated loan was lead by Barclays Capital and Citigroup.
EDP said that, with the closing of the deal, the company has reinforced its position as a global leader in renewable energies.