EDPR sells stake in French portfolio

FRANCE: Egyptian investment bank EFG Hermes has agreed to buy a 49% stake in EDPR France and its 334MW wind portfolio.

EDPR's portfolio includes the 15MW Pièces de Vignes project in Central France

The renewable energy developer is a subsidiary of Portuguese firm EDPR and owns 33 operational wind projects across France.

EGF's equity arm will pay $208 million for the stake. Around half of the buyout will be funded through an acquisition finance facility from European banks. EFG will provide seed capital of $5 million, with the remainder raised from investors in Gulf states.

This is the firm's second investment in wind energy in the last year, following its commitment to the Al Tafila project in Jordan.

EDPR has been undertaking a programme to offload its foreign assets. Earlier this this year, the company sold a minority stake in its 1.1GW US wind portfolio to Fiera Axium Infrastructure.