EDP Renewables has signed a €426 million sales and purchase agreement with Finerge, one of Portugal’s largest renewable energy companies, for virtually all of stake owned by EDPR – as well as outstanding shareholder loans–in a portfolio of 242 MW of installed onshore wind farms.
EDPR completed the divestment through the sale of seven onshore wind farms situated in Ávila and Catalonia. The assets in question were operational for an average of nine years.
The value of these properties stands at about 507 million euros depending on the sale price and the value of the net outstanding debt. Consequently, the estimated market value amounts to €2.1 million / MW.
“This agreement is a major milestone for us. Not only does it show that we are able to generate value through project development and management, it also demonstrates that the market recognises the quality of our assets. This transaction allows us to continue to roll out our Business Plan thanks to an asset rotation strategy that allows us to monetise our assets before they reach the end of their useful lives, always with a view to stepping up investment, and by extension, growth.”Rui Teixeira, Interim CEO of EDP Renewables.