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EDPR sell 80% shares of US wind and solar portfolio

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EDP Renewables (EDPR) has signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure to sell an 80 percent shareholding in the wind and solar portfolio of 563 MW (450 MW net) located in the United States, consisting of four wind farms in operation and one pre-COD solar asset.

Those assets consist of:

  • Meadow Lake V of 100 MW, located in Indiana and in operation since 2017;
  • Quilt Block of 98 MW, located in Wisconsin and in operation since 2017;
  • Redbed Plains of 99 MW, located in Oklahoma and in operation since 2017;
  • Hog Creek of 66 MW, located in Ohio and in operation since 2017;
  • Riverstart Solar of 200 MW, located in Indiana and with start of operations expected in 2021

The overall valuation of the deal amounts to an Enterprise Value of $676 million (80 percent of the share), which translates into an implicit enterprise value multiple of $1.5 million / MW. The deal is subject to regulatory and other precedent conditions and 363 MW is expected to be completed in the 4Q 2020, while 200 MW (Riverstart Solar Project) is expected to be completed in 2021.

With the deal announced, EDPR has already completed > 55 percent of the €4 billion target revenue for 2019-22, as announced in the Strategic Update of 12 March 2019. The selling of majority stakes in projects in service or under development enables EDPR to accelerate the creation of value, while the recycling of capital can be reinvested in accretive growth.

Nedim Husomanovic

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