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The Portuguese Environment Agency (APA), chaired by Nuno Lacasta (pictured), gave a ‘green light’ to the sale of six EDP dams on the Douro River to the French company Engie.
“Complementary measures imposed, the Portuguese Environment Agency approved the transfer of titles for the use of the water resources of the hydroelectric plants of Miranda, Bemposta, Picote, Baixo-Sabor and Foz-Tua”, according to a statement released this Friday by the Ministry of the Environment. and Climate Action (MAAC).
“With the favorable opinion of the Portuguese Environmental Agency for the transfer of these Water Resources Use Titles, EDP can thus proceed to sell the infrastructures to ENGIE”, according to the MAAC.
The purchase was closed for a value of 2,200 million euros, having been announced in December 2019.
Under the tutelage of João Pedro Matos Fernandes, Engie will register in Portugal the “companies related to the ownership and operation of the dams”.
Engie “also stated that he will value employability by hiring and increasing the number of local suppliers. On the other hand, the company also assured that the entity responsible for the operation and maintenance of the hydroelectric facilities, with around 60 workers (to which it plans to add 22 more, corresponding to new jobs), will have its headquarters in Miranda do Douro ”.
The guardianship also guarantees that the “transmission of the Titles for the Use of Water Resources of these enterprises will result, in fiscal terms, in potential income for the municipalities.”
Thus, the municipalities have the “option to implement an annual surcharge up to a maximum limit of 1.5% of the fiscal profit based on the expenditure on the payroll of each stable establishment or local representation, including the location of the headquarters effective management. . In addition, they are also entitled to a part of the VAT income paid in the respective territorial district corresponding to certain activities that take place there, according to the legally defined distribution criteria ”.
According to the MAAC statement, the APA’s decision includes the obligation to prepare several addenda to the concession contracts:
- Regarding the operating procedures between the grantor and the concessionaire;
- Explanation of the state of execution and responsibilities associated with the most relevant environmental measures, in the field of Environmental Impact Declarations;
- Where appropriate, the pumping regime between the different concessions is regulated, guaranteeing the equitable distribution of water between the holders and the relevant public service obligations, that is, the flow regime under the Albufeira Convention, other existing uses flows environmental obligations and other contractual and legal obligations;
- Verified that the potential buyer of the security has the qualifications, technical and financial capacity required of the original holder, the financial guarantees, as well as the environmental liability insurance, will be provided by the new holder;
- A 24-month transition period is determined, during which EDP must provide technical support for the management of the concessions subject to the transfer.
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