EDP Renováveis sells 80% of US wind, solar portfolio for €570M

  • Lusa
  • 3 September 2020

EDP announced that it sold an 80% stake in wind and solar portfolio located in the United States to Connor, Clark & Lunn Infrastructure, through its subsidiary EDP Renováveis.

EDP Renováveis sold an 80% stake in wind and solar portfolio in the United States for around €570 million, it said on Wednesday to the market.

In the note sent to the Portuguese Securities Market Commission (CMVM), EDP announced that it sold an 80% stake in wind and solar portfolio located in the United States to Connor, Clark & Lunn Infrastructure, through its subsidiary EDP Renováveis.

“The total value of the transaction corresponds to an ‘enterprise value’ of $676 million (about €570 million), for the 80% stake,” it added, saying that the transaction is subject to regulatory and other conditions precedent.

The statement said that, with the announced transaction, EDP Renováveis has already met more than 55% of the €4 billion targets for asset rotation for the 2019-22 period, as announced in the ‘strategic update’ of 12 March 2019″.

“The sale of majority stakes in operating or development projects allows EDP Renováveis to accelerate value creation while recycling capital to reinvest in profitable growth,” it said.