EDP buys 50% stake in a 278 MW solar portfolio

Energias de Portugal SA has announced the acquisition of a 50% stake in a 278 MW solar portfolio situated in the U.S.

EDP has completed the transaction through EDP Renewables North America, its 82.6% owned subsidiary.

The portfolio was developed by First Solar Inc. and consists of three projects, all secured with long-term power purchase agreements or PPAs. EDP expects a total net equity investment of about $150 million for the full construction and net of the expected tax equity financing.

After this acquisition EDP, which currently owns 1.1 GW of contracted solar projects, estimates it will reach 1.2 GW of solar capacity build-out by 2022.