EDP’s asset rotation strategy continues to advance. This Thursday, the electric company announced to the market the conclusion of the sale of two projects, through EDP Renováveis, in the United States.
In communiqués sent to the Securities Market Commission (CMVM), the company led by Miguel Stilwell reveals that it has invested around 650 million euros with the two operations.
One of the deals concerns the sale of the Indiana Crossroads wind project, with 302 MW, located in the state of Indiana, to Northern Indiana Public Service Company LLC. The park began operating in December, “when the Build & Transfer agreement was completed”, says EDP.
The sale will represent a cash inflow of 450 million euros and is part of the eight billion Asset Rotation strategy outlined by the company for the period 2021-25, such as announced on EDPR’s Capital Markets Day in February.
The second transaction concerns a solar park, also located in Indiana. Here, EDP sold an 80% equity stake in the 200 MWac Riverstart Solar project to Connor, Clark & Lunn Infrastructure.
“The transaction announced on September 2, 2020 included four wind projects totaling 363 MW (Meadow Lake V, Quilt Block, Redbed Plains and Hog Creek), which reached completion and were announced on the day December 28, 2020, plus the 200 MWac of the Riverstart Solar project which is now reaching its conclusion, thus completing in full the transaction of an 80% equity stake in a wind and solar portfolio located in the USA with 563 MW (450 MW liquids)”, explains the company.
The two sales will enable EDPR to “accelerate value creation and recycle capital to reinvest in profitable growth”.
Note: This article has been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
