EDPR sells Spanish wind portfolio

EDP Renovavéis (EDPR) — the renewables arm pf Energias de Portugal (EDP) — has sold its entire wind portfolio in Spain to China Three Gorges for €328 million.

China Three Gorges is the Chinese public power company which is the largest shareholder in EDP with a 19.03% stake.
A statement from the Portuguese Securities Market Commission (CMVM) states: “The portfolio consists of 12 wind farms already in operation which are under the Spanish 20-year regulated remuneration scheme. The average age of the portfolio is 12 years”.
The total value of the transaction corresponds to an enterprise value of €328 million, or €1.8 million per megawatt.
“With the conclusion of this transaction, EDPR achieves €2.4Bn of Asset Rotation proceeds within the context of the €8Bn Asset rotation programme for 2021-25 announced in EDPR Capital Markets Day”, the statement continues, adding that this allows it “to accelerate value creation while recycling capital to reinvest in accretive growth”.
Expresso announced back in May 2018 what it called a “Chinese attack on EDP”, stressing the company wants “total control” of the company — a plan with which António Costa’s government, at the time, was said to be unopposed.