New | Cheung Kong Infrastructure and Power Assets to buy Portuguese wind power producer
Cheung Kong Infrastructure Holidings (CKI) and Power Assets Holdings entered into a joint venture to pay ¤288 million to acquire a wind energy company in Portugal, the companies said on Friday.
CKI and Power Assets will each hold 50 per cent interest in the joint venture and pay half of the consideration, or ¤144 million, for 50 per cent of Portugal’s Iberwind Group.
The core business of Iberwind is the generation of electricity from wind power. Its portfolio comprises about 684 megawatts from 31 wind farms, representing about 15 per cent of the Portuguese wind market by installed capacity, according to a Power Asset filing to Hong Kong Exchange.
Completion of the acquisition is subject to approval from the Portuguese Competition Authority and is expected to take place by the end of the year.
CKI said the transaction will make CKI a new player in Portugal’s energy sector alongside a number of Asia-Pacific investors.
“It allows the PAH Group to expand its existing renewable energy platform globally, and is consistent with the group’s strategy of investing in power infrastructure opportunities around the world,” said Alex Ng, Power Assets' company secretary.
CKI currently holds a 38.87 per cent of interest in Power Assets.
