EDPR divests 80% stake in 563 MW US wind and solar portfolio
CC&L Infrastructure, together with its partner Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company (together, Desjardins Group), will acquire an 80% equity interest in EDP Renovaveis SA's portfolio of five renewable power assets located across the U.S. for a total of US$676 million.
EDPR will retain a minority equity interest and continue to operate and manage the 563 MW portfolio.
CIBC Capital Markets acted as exclusive financial advisor to CC&L Infrastructure on the transaction, which is subject to regulatory approval and expected to be completed before the year ends.
Backed by long-term off-take contracts, the portfolio includes:
- Riverstart Solar (200 MW) in Indiana
- Meadow Lake V Wind (100 MW) in Indiana
- Quilt Block Wind (98 MW) in Wisconsin
- Redbed Plains Wind (99 MW) in Oklahoma
- Hog Creek Wind (66 MW) in Ohio
The Riverstart solar facility is expected to be operational by the end of 2021.
Matt O’Brien, President of CC&L Infrastructure, said: “We are very pleased to acquire these assets alongside our investment partner, Desjardins Group, and we look forward to working alongside EDPR, a leading global renewable energy company focused on value creation, innovation, and sustainability, in the ongoing operation of the facilities.”
The portfolio is fully contracted through power purchase agreements with high-quality off-takers, and the weighted average remaining life of the agreements is more than 17 years. The off-takers include a group of local electric generation and transmission cooperatives with extensive operating and financial histories and stable customer bases.
Once the transaction is complete, CC&L Infrastructure will own approximately 1,400 MW of renewable power globally, with more than 1,000 MW in operation. On a combined basis, the operating facilities will be capable of producing approximately 4 million MW/hours of clean energy each year – enough energy to power more than 320,000 homes and offsetting the equivalent greenhouse gas emissions of more than 600,000 passenger vehicles for a year.
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