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July 11, 2007
Portugal's EDP Wants To Take US By Wind Storm
Energias de Portugal (EDP) is buying Horizon Wind Energy from The Goldman Sachs Group for $2.15B. Horizon develops and owns wind power generation in the US.
EDP CEO Antonio Mexia says that whereas Portugal and Europe have been innovating in wind for decades , the US has not. So it's a natural fit for a European company like his to consolidate the US market. He wants to expand Horizon's slice of the US wind market from about 9% this year to about 12% by 2010 and above 12% by 2020.
EDP wants to do an IPO with Horizon and NEO Energia, an alternative energy subsidiary in Europe, in 2008. Mexia said the company has not yet decided whether to list the shares in New York or Europe.
Additionally, EDP wants to use Horizon as a base to expand into adjacent markets like Mexico and perhaps Canada as well as into other types of alternative energy, solar in particular.
For those wondering how hard it is to raise money for alternative energy in the US, Mexia is telling you its like taking candy from a baby "Financing is not really a problem for alternative energy development in the U.S. market," Mexia said. When it was looking to buy Horizon, banks offered EDP more than twice the money it needed.
Posted on July 11, 2007 12:24 AM | Posted to Alternative Energy | Permalink
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