edp announcement

EDP signs asset rotation deal of a 181 MW operating wind portfolio in Spain

Monday 15, November 2021

EDP signs asset rotation deal of a 181 MW operating wind portfolio in Spain

Lisbon, November 15th, 2021: EDP - Energias de Portugal, S.A. (“EDP”), through its 74.98% owned subsidiary EDP Renováveis, S.A. (“EDPR”), signed a Sale and Purchase Agreement with China Three Gorges (“CTG”) to sell a 100% equity stake in a 181 MW operating wind portfolio located in Spain for an estimated Enterprise Value of €307 million (subject to customary closing adjustments).

The transaction scope comprises twelve wind farms which are under the Spanish 20-year regulated remuneration scheme. The average age of the portfolio is 12 years.

The total consideration of the transaction corresponds to an estimated Enterprise Value of €307 million, which translates into an Enterprise Value of €1.7 million/MW.

The transaction is subject to regulatory and other customary precedent conditions.

With this transaction, EDP has already secured €2.6bn of Asset rotation proceeds within the context of the €8bn Asset rotation program 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.