Horizon Wind Energy to Work on 722MW Wind Power Projects With Consortium

After completing the purchase of US firm Horizon Wind Energy, Portuguese utility Energias de Portugal has revealed that the newly-acquired wind energy company has agreed to work on a portfolio of wind power projects with a consortium made up of JP Morgan, ABN Amro and Morgan Stanley.

The portfolio that Horizon Wind Energy will work on with the group of institutional equity investors will involve projects with 722MW of net installed capacity. The total contribution from the investors amounts to around $700 million, Energias de Portugal (EDP) said in a press release.

EDP said that, once executed, the wind power deal will enable the company and its Horizon Wind Energy subsidiary to monetize the production tax credits and the accelerated depreciation associated to Horizon Wind Energy’s operational wind farms.

Although details of the locations of the proposed projects were not revealed, AFX News has cited the Jornal de Negocios publication as reporting that EDP may use Horizon Wind Energy as a means of entering the Mexican and Canadian renewable markets, and that it may expand its subsidiary’s activities to include gas and other renewable sources.