EDP Renewables sells a wind energy portfolio located in Portugal

EDPR signs asset rotation deal of a 221 MW wind power portfolio for an enterprise value of 532 million euros.

The company has completed the sale to Onex Renewables of a 100% equity stake in a wind portfolio located in Portugal.

This transaction will contribute with 532 million euros of asset rotation proceeds and is within the context of the 8 billion euros asset rotation program for 2021-25 announced in EDPR Capital Markets Day.

EDP Renewables (Euronext: EDPR), the fourth largest renewable energy producer in the world, has signed a sale and purchase agreement with  Onex Renewables S.a.r.l. (“Onex”)  to sell a 100% equity stake in a 221 MW wind portfolio located in Portugal for an estimated enterprise value of 532 million euros (subject to customary closing adjustments).

The transaction scope comprises five wind farms, with an average age of 1.4 years as of 2021YE, out of which three are in operation and two are under construction with expected CoD until 2021YE.  The five wind farms will be managed upon completion by Exus Management Partners who has a strong presence in Iberia.

The total consideration for the transaction corresponds to an estimated enterprise value of 532 million euros, which translates into an enterprise value of 2.4 million euros/MW.

The transaction is subject to regulatory and other customary conditions. Furthermore, it will contribute with approximately 532 million euros of asset rotation proceeds and is in the context of the 8 billion euros asset rotation programme for the period 2021-25 announced at EDPR’s Capital Markets Day, which will enable EDPR to accelerate value creation while recycling capital for reinvestment in value accretive growth.