EDP Renováveis sells US solar and battery stake

EDP Renováveis has agreed to sell an 80% stake in a 384-megawatt solar and battery portfolio in the United States to a fund managed by Ares Infrastructure Equity, in a deal that values the asset at $800 million. The US accounts for 60% of the Portuguese renewable energy company’s gross investment plan for 2026-2028.

The portfolio includes a 200 MW solar project and a 184 MW battery energy storage system in California. According to the company, the solar capacity is contracted for 20 years under a long-term power purchase agreement, while the battery system has a capacity tolling agreement with the same duration.

EDPR said it expects to receive about $450 million for the 80% stake being sold, with half to be paid at the financial closing of the transaction and the remaining half when the projects begin commercial operations. The company said the gain on gross capital invested should be around 40%, subject to final adjustments, above its average target of 15% for 2026-2028.

The project reached final investment decision in August 2025 and, according to EDPR, was its first US project to do so after the approval of Donald Trump’s “One Big Beautiful Bill”, which the company said cut several clean-energy incentives introduced under Joe Biden. Trump signed the legislation on July 4, 2025.

Originally published at Eco.pt