EDPR to buy 85% stake in solar platform in US for €98M

EDP Renováveis has agreed to buy an 85% stake in a solar platform distributed in the US, a deal with a market value of 119 million dollars (approximately 98 million euros).

“EDP Renováveis, SA (‘EDPR’), through its subsidiary EDP Renewables North America, LLC (‘EDPR NA’), has agreed to acquire a majority stake in C2 Omega LLC (‘C2 Omega’), the solar platform of C2 Energy Capital LLC (‘C2’)”, reads the communiqué sent to the Portuguese Securities Market Commission (CMVM).

EDPR will thus buy a position of 85%, in a portfolio that includes 89 megawatts (MW) of capacity in operation and imminent completion, as well as an advanced state of development portfolio of around 120 MW, which are distributed across 16 states.

“The transaction will also include certain payments dependent on the growth of future installed capacity,” it said.

The transaction is scheduled to take place in the first quarter.

“This transaction will establish EDPR’s presence in a rapidly expanding segment of distributed generation, as an operator of one of the largest commercial and industrial portfolios of distributed generation in the US, and will allow EDPR to serve a fast-growing market and offer its customers a range of new services and solutions to meet their renewable energy needs,” it said.

In Monday’s stock market session, EDPR shares rose 0.43% to 23.25 euros.