Belgium

Belgium

EDPR divests 491MW to fund new capacity

Developer EDPR has signed an agreement to sell its remaining shareholdings in a 997MW portfolio of European wind farms to unnamed institutional advisors for a total consideration of about €800 million.

The portfolio includes 388MW in France, 348MW in Spain, 191MW in Portugal and 71MW in Belgium
The portfolio includes 388MW in France, 348MW in Spain, 191MW in Portugal and 71MW in Belgium

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The sale of EDPR’s 491MW net share in the portfolio will help it invest in new renewables capacity, including 5.8GW of new wind capacity it aims to own by 2022, it stated.

EDPR had sold minority stakes in wind farms in the portfolio in 2013, 2014 and 2016, and the latest sale completes its divestment from the projects.

It will continue to provide operating and maintenance services to the portfolio, which includes 388MW in France, 348MW in Spain, 191MW in Portugal and 71MW in Belgium, all of which is operational.

EDPR would not disclose which projects are included in the transaction, nor the buyers of the shareholdings.

The transaction is subject to regulatory and other precedent conditions and is expected to be completed in the second quarter of 2019.

Divestment allows EDPR to "accelerate value creation and book upfront profits, while recycling capital to reinvest in accretive growth", the developer stated.

In March, EDPR announced plans to add 5.5GW of new onshore wind and 300MW of offshore capacity by 2022, mainly in North America.

Its chief financial officer Miguel Stilwell explained the company planned to raise €4 billion — enough to cover half of its planned investments — from asset rotation.

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