October 30 (Renewables Now) - Energias de Portugal SA (ELI:EDP) announced on Tuesday it has bought a 50% interest in a 278-MW US solar portfolio developed by First Solar Inc (NASDAQ:FSLR).
Through its 82.6%-owned unit EDP Renewables North America LLC, the Portuguese company expects to invest some USD 150 million (EUR 134.98m) in the portfolio consisting of three projects, each with a long-term power purchase agreement (PPA). These assets are scheduled to come online over the next months.
With this acquisition, EDP estimates it will reach 1.2 GW of solar capacity build-out by 2022. Currently, the company has 1.1 GW of contracted solar projects and its goal is to achieve around 7 GW of wind and solar around the world by end 2022.
(USD 1 = EUR 0.900)