EDP Renováveis S A : EDPR announces Asset rotation deal of a 405 MW wind portfolio in the US
April 09, 2021 at 06:52 am EDT
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EDP Renováveis, SA ('EDPR'), global leader in the renewable energy sector and the world's fourth-largest wind and solar energy producer, through its fully owned subsidiary EDP Renewables North America LLC, signed a Sale and Purchase Agreement with funds managed by Greencoat Capital to sell a 55% equity stake in a wind portfolio located in the United States, comprising two winds farms in operation with 405 MW, namely:
Bright Stalk with 205 MW, located in Illinois and in operation since 2019;
Harvest Ridge with 200 MW, located in Illinois and in operation since 2020.
The total consideration of the transaction corresponds to an Enterprise Value (100%) of $720 million, which translates into an Enterprise Value of $1.8 million/MW (equivalent to $2.1 million/MW at projects' COD).
The transaction could potentially be upsized to an 80% equity stake between signing and closing, subject to agreement between both parties.
The transaction is subject to regulatory and other customary precedent conditions.
This transaction is within the context of the €8bn Asset rotation program announced in EDPR Capital Markets Day, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth.
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EDP Renovaveis SA published this content on 09 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 April 2021 10:51:02 UTC.
EDP Renováveis, S.A. (Euronext: EDPR) is the fourth largest renewable energy producer worldwide with presence in 28 markets across Europe, North America, South America and Asia/Pacific.
Based in Madrid and with main regional offices in Houston, São Paulo and Singapore, EDP Renováveis, S.A. has a robust development portfolio with first class assets and a market-leading operational capability in renewables. These include wind onshore, utility scale & distributed solar, wind offshore (through its 50/50 JV - OW) and technologies complementary to renewables such as batteries and green hydrogen.
EDPR's employee-centered policies resulted in its recognition as a Top Workplace 2023 in the United States, Top Employer 2023 in Europe (Spain, Italy, France, Romania, Greece, Portugal and Poland) Colombia and Brazil, as well as its inclusion in the Bloomberg Gender-Equality Index.
EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization.
EDP RENOVÁVEIS, S.A. 
