EDP Renováveis (EDPR) has announced the sale of a 221-megawatt portfolio of wind power assets to Onex Renewables for €530 million.
EDP Renováveis (EDPR), the separately quoted renewable subsidiary of Energias de Portugal (EDP), has announced the sale of a 221-megawatt portfolio of wind power assets, located in Portugal, to Onex Renewables, in a deal with an estimated value of €530 million, subject to adjustments.
“EDP Renováveis, S.A. (“EDPR”) signed a Sale and Purchase Agreement with Onex Renewables S.a.r.l. (“Onex”) to sell a 100% equity stake in a 221 MW wind portfolio located in Portugal for an estimated Enterprise Value of €530 million (subject to customary closing adjustments),” the Madrid-based but Lisbon-quoted company said in a statement via Portugal’s Securities Markets Commission (CMVM).
“The transaction scope comprises five wind farms, with an average age of 1.4 years as of 2021YE, out of which three are in operation and two are under construction with expected CoD until 2021YE,” the statement continues. “The five wind farms will be managed upon completion by Exus Management Partners who has a strong presence in Iberia.”
According to EDPR, the transaction “will contribute with approximately €530 million of Asset rotation proceeds and is within the context of the €8bn Asset rotation program for 2021-25 announced in EDPR Capital Markets Day, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth.”