EDP Renováveis reached an agreement with funds managed by Greencoat Capital for the sale of a 55% stake in a wind portfolio in the United States, in a business that values these assets for a total of $ 720 million .
EDP’s Green Arm said in a statement issued to the Securities Markets Commission (CMVM) that the deal is part of a recycling company’s strategy to reorganize into expansion.
The statement is part of the € 8 billion asset rotation program announced on EDP’s Capital Markets Day, which would allow EDP to recycle capital to accelerate value creation and realign profitable growth. is”.
The portfolio in question includes two wind farms with 405 MW located in Illinois in the United States – Bright Stall, in operation since 2019, and Harvest Ridge, with 200 MW in operation since 2020.
In a statement to CMVM, EDP Renovavis stated that the total value of the transaction corresponds to an enterprise value (100%) of $ 720 million, which translates into an enterprise value of $ 1.8 million / MW (equivalent to 2.1 million). Dollar / MW project start-up date).
Considering that 100% of the property’s value, already exempt from debt, is 720 million euros, the EDPR should invest an amount of approximately 400 million euros.
EDP Renováveis also adds that the deal could be extended to an 80% stake, if there is an understanding between the parties between the signing of the agreement and its termination, and the operation is still subject to regulatory terms.