EDPR to sell 181-MW wind portfolio in Spain to China Three Gorges

EDPR's Maple Ridge wind farm in the US. Source: EDPR. License: All rights reserved.

November 15 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) announced on Monday it has agreed to sell a 100% equity stake in a 181-MW operational wind portfolio in Spain to China Three Gorges SA (CTG).

The renewables arm of Portuguese utility Energias de Portugal SA (ELI:EDP) will sell its full equity shareholding in the portfolio for an enterprise value of around EUR 307 million (USD 351.4m), or EUR 1.7 million per MW.

Per the agreement, the Chinese power company will acquire 12 wind farms, all operating under a 20-year regulated remuneration scheme in Spain, EDP said.

The wind farms are 12 years old on average.

With this agreement, EDPR has now secured EUR 2.6 billion of proceeds under its EUR-8-billion asset rotation programme, the company added.

The deal is subject to regulatory and customary closing adjustments.

(EUR 1.0 = USD 1.145)

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