Energias de Portugal reduces debt by selling assets to China Three Gorges

Energias de Portugal reduces debt by selling assets to China Three Gorges

The EDP Group will continue this year with an asset sale policy, specifically to its main shareholder, China Three Gorges (CTG) in order to reduce its level of debt, said the group’s chairman.

EDP will raise almost 392 million euros with the sale of 49 percent of operations in Poland and Italy to CTG, but the disposal of assets in 2016 will amount to 500 million euros in total, the chairman of EDP, António Mexia, told Portuguese weekly newspaper Expresso.

EDP Renewables Europe, through the ACE Investment Fund LP, held the entire share capital of ACE Poland and ACE Italy, which together hold a portfolio of wind assets of nearly 600 megawatts.

This revenue and other businesses that are expected to increase the sale of assets to 500 million euros will allow the group to reduce debt to 16.5 billion euros at the end of the year, about 900 million less than last year.

This year, EDP will have to repay debt totalling 3 billion euros and another 1.7 billion euros in 2017. The group has said it is in a comfortable position to do so, thanks to a liquidity level of almost 5.4 billion euros.

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Comment by Eric A. Tuttle on February 23, 2017 at 10:59pm

Note from: M.K.Barton 

Energias de Portugal is who bought out Horizon Wind LLC (the wind carpetbaggers who had targeted an area in western NY), which was formerly owned by Goldman Sachs (and by Zilkha Renewables before that).

For this Posting record.

Comment by Long Islander on February 23, 2017 at 12:51pm

Based on the following, it would appear that Energias de Portugal, the parent of EDP Renewables (the company that wants to destroy The County with wind blight), is a subsidiary of "China Three Gorges Corporation", the Communist China state owned power company.

https://en.wikipedia.org/wiki/China_Three_Gorges_Corporation

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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