EDP completes asset rotation deal of a 200 MWac solar project in the US
EDP completes asset rotation deal of a 200 MWac solar project in the US
Lisbon, December 30th, 2021:Following the information released to the market on September 2nd, 2020, EDP - Energias de Portugal, S.A. (“EDP”), through its 74.98% owned subsidiary EDP Renováveis, S.A. (“EDPR”), is pleased to announce the completion of the sale to Connor, Clark & Lunn Infrastructure of an 80% equity shareholding in the Riverstart Solar project (200 MWac) located in the US state of Indiana.
The transaction scope announced on September 2nd 2020 included four wind projects totalling 363 MW (Meadow Lake V, Quilt Block, Redbed Plains and Hog Creek), which reached completion and were announced on December 28th 2020, and the 200 MWac Riverstart Solar project which has now reached completion, fully completing the transaction of an 80% equity shareholding in a wind and solar portfolio located in the US with 563 MW (450 MW net).
The total consideration of the Riverstart transaction corresponds to an Enterprise Value (100%) of $305 million, which translates into an Enterprise Value of $1.5 million/MW.
The Riverstart transaction will contribute with c.€0.2 billion of Asset rotation proceeds and is within the context of the €8bn Asset rotation program for 2021-25 announced in EDP Capital Markets Day, allowing EDP to accelerate value creation while recycling capital to reinvest in accretive growth.
This information is disclosed pursuant to the terms and for the purposes of the article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248-A of the Portuguese Securities code.
EDP – Energias de Portugal. S.A.