Brazil's Ceara mulls 278-MW solar project construction permit
Dec 11, 2019 8:01 CESTJuly 29 (Renewables Now) - Portuguese utility Energias de Portugal SA (ELI:EDP) announced today it has agreed to sell the 137-MW Babilonia onshore wind farm in the Brazilian state of Bahia to an affiliate of private equity investor Actis.
The company’s renewables arm, EDP Renovaveis SA (ELI:EDPR), will sell the full equity shareholding in that facility for about BRL 650 million (USD 172m/EUR 155m). The enterprise value of the agreed transaction amounts to BRL 1.2 billion when taking into consideration outstanding external net debt. This translates into an implied enterprise value multiple of around BRL 9.1 million per MW, EDP noted.
The Babilonia wind park has been operating since the final quarter of 2018. It has a 20-year power purchase agreement (PPA) that was awarded to the project in an auction held in 2015.
The sale of the asset is pending regulatory clearance and is seen to close in the fourth quarter of 2019. It is part of EDP’s asset rotation strategy and brings the total proceeds for 2019-2022 up to a 25% share of the EUR-4-billion (USD 4.45bn) target.
(BRL 1.0 = USD 0.265/EUR 0.238)
(EUR 1.0 = USD 1.112)
Brazil's Ceara mulls 278-MW solar project construction permit
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