EDP closes deal on wind assets for 808M€
EDP Renewables (EDPR) concluded the deal on its "total shares and share loans" in several wind projects for 808M€, according to a statement sent to the CMVM (Portuguese Securities Market Authority).
EDP Renewables (EDPR) concluded the deal on its “total shares and share loans” in several wind projects for 808M€, according to a statement sent to the CMVM (Portuguese Securities Market Authority).
In the same document, the group revealed that “following the information announced on the 23rd April 2019, it has concluded the sale of its total shares and shares loans to recommended institutional investors by JP Morgan Asset Management for 808M€.”
The portfolio at stake “is composed of onshore operating wind energy assets with 997MW”, 491MW of which are produced by “wind farms in Spain, Portugal, France and Belgium”, which are 51% held by the company.
In April, EDPR announced that reached an agreement with several institutional investors to “sell its total shares and share loans” of wind projects for 800M€, in compliance with its asset rotation plan.
By that time, the company revealed that the sale amount was “subject to adjustments while completed”.
Despite alienating these assets, EDPR established a service-provider agreement, according to which the company “will provide operational services and portfolio maintenance”, the group said in April.
“The transaction perimeter covers 388MW in France, 348 in Spain, 191 in Portugal (assets that belonged previously to ENEOP) and 71 in Belgium”, the company led by Manso Neto detailed back in that time, referring that the assets were operating for seven years in average.
EDPR reminded that has already sold “minority shares in those wind farms, namely in 2013, 2014 and 2016, and reached an agreement to sell the remaining shares that still held in those projects”, according to the same statement.
The company revealed that the total asset value was 1.6Bn€, corresponding to 1.6M€/MW. In March, EDP’s CEO announced asset rotation which will generate a revenue of 4Bn€ over the next four years.
This strategy will be bolder than last years’, António Mexia added, given that the company will sell the majority shares, which not only reduces the risk but also accelerates growth by executing more projects at the same time”.
Mexia also revealed that the alienation of these assets aims to “start reducing the most polluting technologies”.