EDPR executes a new asset rotation transaction in Canada
EDPR executes a new asset rotation transaction in Canada.
Madrid, November 20th 2014: EDP Renováveis S.A. (“EDPR”) has reached an agreement with Northleaf Capital Partners (“Northleaf”), a leading Canadian independent global private equity and infrastructure manager and advisor, to sell a 49% equity shareholding in an operating wind farm with 30 MW.
The South Branch wind farm located in Ontario started full operation in early 2014 and is remunerated according to a 20 year Feed-in Tariff awarded by the Ontario Power Authority. Based on the transaction price the enterprise value for 100% of the assets amounts to CAD$3.3million/MW.
Since 2012 EDPR has agreed on more than €1 billion of proceeds from the sale of minority stakes in North American and European assets, including the sales to China Three Gorges.
EDPR growth strategy for the period 2014-2017 includes an asset rotation target of €700 million by crystallizing the value of projects’ future cash-flows and re-investing in the development of quality and value accretive projects. With this transaction,
EDPR already executed more than 60% of its target for the period 2014-17.
EDP Renováveis, S.A.