EDP ​​Renováveis ​​sells two wind farms in the US worth $608 million

EDP ​​Renováveis ​​sells two wind farms in the US worth $608 million
According to the company, EDP Renováveis ​​completed the sale of a 68% stake in the 405 MW US wind portfolio, with these assets valued at US$720 million (equivalent to approximately 608 million euros).

The news of the sale was announced in April of this year, but at that time the Portuguese company did not provide final data on the percentage sold in the project to funds managed by Greencoat Capital, which could vary between 55% and is. 80%.

on one statement issued this morning The deal is part of the company’s strategy of recycling capital to reinvest in expansion, the green arm of EDP tells the Portuguese Securities Markets Commission (CMVM). This portfolio includes two operating wind farms in the state of Illinois. One is Bright Stalk, with 205 MW and has been in operation since 2019, and the other is Harvest Ridge, which has a capacity of 200 MW and has been in operation since 2020.

The total value of the transaction corresponds to an “enterprise value” (100%) of $720 million, which translates to an “enterprise value” of $1.8 million per MW.

According to the company, this transaction will contribute €500 million in asset rotation cash and is part of the €8 billion asset rotation program for 2021-25 announced on EDP’s Capital Markets Day, to accelerate EDP value creation and Capable of recycling capital. Reinvest in profitable growth.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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