Portugal

Portugal

EDP Renewables to buy up 511MW portfolio in Iberia

Portugese utility EDPR has agreed to buy the Macquarie-owned Viesgo, taking on a 511MW renewables portfolio and a majority stake in its electricity distribution business in deals reportedly worth €2 billion.

Viesgo's wind portfolio includes the 23.21MW La Victoria project in Cádiz, which was commissioned in 2009
Viesgo's wind portfolio includes the 23.21MW La Victoria project in Cádiz, which was commissioned in 2009

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EDPR announced its decision to buy all of Viesgo’s 24 wind farms plus two mini-hydro power plants located across Spain and Portugal slated to cost 565 million.

Viesgo has 381MW of operational wind capacity in Spain and 74.8MW in Portugal, according to its website.

The Portuguese utility said Viesgo’s “high-quality portfolio” had a strong wind resource with a 29% average load factor, and that 87% of the capacity is regulated with an average age of 13 years and an estimated seven years of remaining regulated life. 

The portfolio had the potential for future extensions and repowering opportunities, EDPR added.

The deal is expected to be wrapped up by the end of this year and will double the Portugese developer’s presence in electricity distribution in Spain.

Viesgo’s parent company Macquarie will retain a 24.9% stake in the electricity distribution network spanning 20,766km.

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