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    EDP Renováveis sells Italian wind portfolio for 420 million


    July 29, 2022 - CE Noticias Financieras

     

      EDP Renováveis has reached an agreement with Italy's ERG to sell an entire operational wind portfolio in Italy for 420 million euros, the company led by Miguel Stilwell said Friday.

      The deal comprises seven operational wind farms with an average age of 2.8 years that "benefit from a stable remuneration framework for 20 years," the company said.

      The 172 MW portfolio in question has an enterprise value of approximately 420 million euros (as of December 31, 2021), which "will be adjusted with a financial cost up to the date of completion of the transaction.

      Read Also EDP Renováveis buys German company for E250 million The announcement comes minutes after EDP Renováveis announced the acquisition of 70% of Germany's Kronos.

      The company indicates, finally, that with the sale of the portfolio in Italy, EDP, which controls EDPR, "has already secured E3.1 billion of proceeds from operations

      of this type, which are included in the E8 billion asset rotation program for 2021-2025, announced at EDP's Capital Markets Day in February 2021, allowing it to accelerate value creation and recycle capital to reinvest in growth.

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