EDP Renováveis Sells Spain Assets to China Three Gorges for EUR 307 Million

 

EDP Renováveis, S.A. (“EDPR”) is selling China Three Gorges (“CTG”), the main shareholder of its parent company EDP, a 100% equity stake in a 181 MW operating wind portfolio located in Spain for an estimated Enterprise Value of EUR 307 million.

With this transaction, EDPR has already secured EUR 2.6 billion of asset rotation proceeds within the context of the EUR 8bn asset rotation program announced in EDPR Capital Markets Day, according to a company statement.

The program will “allow EDPR to accelerate value creation while recycling capital to reinvest in accretive growth”, the company added.

EDP Renewables Raises USD 2.3 billion in Asset Rotation

The transaction scope comprises twelve wind farms which are under the Spanish 20-year regulated remuneration scheme. The average age of the portfolio is 12 years. The Sale and Purchase Agreement signed with CTG will be subject to customary closing adjustments.

The total consideration of the transaction corresponds to an estimated Enterprise Value of EUR 307 million, which translates into an Enterprise Value of EUR 1.7 million/MW.

EDPR is a subsidiary of the Portuguese energy company Grupo Energias de Portugal.

 

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