updated 3/27/2007 9:16:10 PM ET 2007-03-28T01:16:10

Portuguese utility company EDP Energias de Portugal agreed to buy 100 percent of U.S wind power firm Horizon Wind Energy LLC, Portugal's financial markets regulator said Tuesday.

The transaction, expected to be completed by the end of the second quarter, values the equity of Horizon at $2.15 billion.

Horizon, a developer, owner and operator of wind power generation founded in 1999, was acquired by the Goldman Sachs Group in 2005 for less than $1 billion.

The total amount to be paid at the closing of the transaction will be adjusted for capital expenditures, which are estimated to amount to an additional $600 million, EDP said.

Horizon's net financial debt as of Dec. 31 was $180 million.

The combined entity resulting from the acquisition will be a leading global renewable-energy player, with a capacity to generate over 3,800 gross megawatts of wind power in operation by the end of 2007, EDP said.

Horizon currently owns 559 gross megawatts of operating wind projects and 997 megawatts of projects under construction.

"The acquisition enhances EDP's global leadership in renewable generation," EDP said.

Wind energy is one of the fastest growing energy industries in the world, and wind energy capacity rose 30 percent in the U.S. in 2006.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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