EDPR completes sale of 997 MW European wind portfolio
EDP Renewables (EDPR), part of Energias de Portugal SA, has completed the sale of its interest in an operating 997 MW European onshore wind portfolio to institutional investors advised by JP Morgan Asset Management.
The agreement was announced earlier this year in April. The transaction closed at the end of July.
The value of the deal amounts to approximately EUR 808 million (US$ 901.56 million) which covers EDPR's full equity shareholding and outstanding shareholder loans.
The EDPR's 51% stake in most of the farms makes EDPR's total net capacity 491 MW.
In detail, the transaction scope covers 388 MW in operation in France, 348 MW in operation in Spain, 191 MW in operation in Portugal (part of ex-ENEOP assets) and 71 MW in operation in Belgium. The total portfolio has been in operation for 7 years on average. EDPR had already previously sold minority stakes in these wind farms in 2013, 2014 and 2016, and with this agreement is fully exiting ownership of these projects.
The closed sale is part of EDPR´s asset rotation program for 2019-22 period contemplated in the Strategic update announced on March 12th 2019.
According to a Master Service Agreement EDPR will deliver operating and maintenance (O&M) services to the divested wind farms. The sale of majority stakes in projects in operation or under development, while continuing to provide operating and maintenance services, allows EDPR to accelerate value creation and book up-front profits, while recycling capital to reinvest in accretive growth.
Country news
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May 15, 2019
EDPR to fully divest 997 MW wind portfolio in Europe
EDP Renewables (EDPR), a global leader in the renewable energy sector and one of the largest wind energy producers in the world, signed a Sale and Purchase Agreement with institutional investors to sell EDPR’s full equity shareholding and outstanding shareholder loans in an operating onshore wind portfolio with 997 MW of installed capacity, for a total consideration of approximately €800 million (subject to customary adjustments until closing). EDPR was advised by J. P. Morgan Asset Management (JP Morgan).
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