EDPR agrees EUR-242m wind asset sale to CTG

EDPR wind farm in Portugal. Source: EDP Renovaveis SA. License: All rights reserved

Feb 28 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) on Monday struck a EUR-242-million (USD 256m) deal to sell a 49% stake in a Portuguese wind portfolio to a unit of China Three Gorges (CTG).

The transaction concerns wind farms with a combined capacity of about 422 MW and an average age of six years. These plants were owned by Eolicas de Portugal SA, also known as the ENEOP consortium, before its assets were split among its shareholders in 2015.

The buyer, ACE Portugal Sarl, will take 49% of the equity shareholding and shareholder loans in the portfolio. The transaction implies an enterprise value of EUR 707 million for 100% of the assets within the portfolio, including EUR 213 million of external debt, EDPR said.

The deal was sealed in the context of the EUR-2-billion strategic partnership established in 2011 by EDPR’s principal shareholder, EDP - Energias de Portugal SA (ELI:EDP), and CTG, EDPR noted.

The ENEOP project, which won a government auction back in 2006, involved installing 48 wind farms with a combined capacity of 1,335 MW.

(EUR 1.0 = USD 1.060)

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