EDP to sell 242 MW of Spanish wind farms to Portugal's Finerge

EDP Renovaveis wind farm

August 11 (Renewables Now) - Portuguese renewable power company Finerge Group has agreed to buy seven wind farms, with a combined capacity of 242 MW, from EDP Renovaveis SA (ELI:EDPR), the latter announced on Monday.

The wind farms, located in Avila province and Catalonia, have been in operation for an average of nine years.

The renewables arm of Portuguese utility Energias de Portugal SA (ELI:EDP) will sell its full equity shareholding and outstanding shareholder loans in the assets for about EUR 426 million (USD 500.6m). Thе consideration is subject to customary closing adjustments.

The total enterprise value of the agreed transaction is EUR 507 million. The operation is expected to be finalised in the final quarter of this year.

This sale is part of EDP’s asset rotation strategy. The company has now reached over 40% of the EUR 4 billion target proceeds under its 2019-2022 plan.

(EUR 1 = USD 1.175)

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