EDP Renováveis signs agreement to build $500 million solar project in Wisconsin
"This agreement is further evidence of EDPR's strategic positioning in the US as a major player in the renewable energy sector", the company said.
EDP Renováveis (EDPR) announced on Wednesday that it has signed an agreement to acquire assets from WEC Energy Group (WEC), under which it will build and develop a 225 MWac (megawatt alternating current) solar project in the US on behalf of the US group for an enterprise value of $500 million.
“The project, located in the state of Wisconsin, is subject to final approval by the Wisconsin Public Service Commission and is expected to come on stream in 2028, at which point the transaction is expected to be completed”, the company said in a statement released by the Portuguese Securities Market Commission (CMVM).
“Since 2019, EDPR has entered into three similar transactions in the US”, it added. “This new agreement is further evidence of EDPR’s strategic positioning in the US as a major player in the renewable energy sector and demonstrates the quality of its project portfolio, as well as the strength of its partnerships with leading utility companies”, it added.
In addition, the company emphasised in the same note that it “contributes to greater visibility on gross capacity additions, as well as on cash inflows and gains from asset turnover, in line with the asset turnover return metrics defined for the 2026-2028 strategic plan period”.
The completion of the transaction is subject to conditions precedent, regulatory approvals and other customary conditions for a transaction of this nature.
