EDPR completes asset rotation deal of a 405 MW wind portfolio in the US for an EV (100%) of $0.7bn
The company has completed the sale to funds managed by Greencoat Capital of a 68% equity stake in a wind portfolio located in the United States.
This transaction will contribute with c.€500 million of asset rotation proceeds and is within the context of the €8bn asset rotation program for 2021-25 announced in EDPR Capital Markets Day.
Following the information released to the market on April 9th 2021, EDP Renewables (Euronext: EDPR), the fourth largest renewable energy producer in the world, has completed the sale to funds managed by Greencoat Capital of a 68% equity stake in a wind portfolio located in the United States.
The equity stake is comprised by two operating winds farms totalling 405 MW. These are namely Bright Stalk (205 MW), located in Illinois and in operation since 2019 and Harvest Ridge (200 MW), located in Illinois and in operation since 2020.
The total consideration 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/MW at projects’ COD).
This transaction will contribute with c.€500 million of asset rotation proceeds and is within the context of the €8bn asset rotation program for 2021-25 announced in EDPR Capital Markets Day, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth.