Madrid, December 31st 2018: EDP Renováveis, S.A. ("EDPR”) closed an agreement with Axium Infrastructure to sell an 80% equity shareholding in a portfolio of fully-owned wind onshore assets in the United States and Canada.
The portfolio totals 499 MW and comprises 3 winds farms, namely:
Based on the transaction price and expected economic liabilities (tax equity and project finance) once projects are fully completed, the total implied enterprise value for 100% of the assets amounts to $860 million, which translates to an implied enterprise value multiple of $1.72 million/MW.
The divestment announced today is part of EDPR sell down strategy by which the company sells majority stakes in projects in operation or under development. This strategy allows EDPR to recycle capital, with up-front cash flow crystallization, and create value by reinvesting the proceeds in accretive growth, while continuing to provide operating and maintenance services.
EDP Renováveis, S.A.