EDPR informs about completion of Asset rotation deal
Madrid, December 30th 2021: Following the information released to the market on September 2nd 2020, EDP Renováveis, S.A. (“EDPR”) is pleased to announce the completion of the sale to Connor, Clark & Lunn Infrastructure of an 80% equity shareholding in the Riverstart Solar project (200 MWac) located in the US state of Indiana.
The transaction scope announced on September 2nd 2020 included four wind projects totalling 363 MW (Meadow Lake V, Quilt Block, Redbed Plains and Hog Creek), which reached completion and were announced on December 28th 2020, and the 200 MWac Riverstart Solar project which has now reached completion, fully completing the transaction of an 80% equity shareholding in a wind and solar portfolio located in the US with 563 MW (450 MW net).
The total consideration of the Riverstart transaction corresponds to an Enterprise Value (100%) of $305 million, which translates into an Enterprise Value of $1.5 million/MW.
The Riverstart transaction will contribute with c.€0.2 billion 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.