EDPR sells stakes in 1 GW European wind portfolio for €800m

EDP Renewables (EDPR), the renewable subsidiary of the Portuguese electricity company Energias de Portugal (EDP), has agreed to sell its remaining shareholdings in a 997MW portfolio of European onshore wind parks to unnamed institutional advisors for a total consideration of about €800m. The company's net share in the assets stands at 491 MW, of which 388 MW in France, 348 MW in Spain, 191 MW in Portugal and 71 MW in Belgium, all of which being operational. However, it will continue to provide operating and maintenance services to the portfolio. The transaction is subject to regulatory approvals and is expected to be completed in the second quarter of 2019. Neither the projects included in the sale nor the buyers of the shareholdings have been disclosed. 

EDPR reported that the agreement is part of its 2019-2022 asset rotation programme outlined in its March 2019 strategic update. The funds will be reinvested in the development of 5.5 GW of new onshore wind and 300 MW of offshore capacity by 2022, mainly in North America. The group currently operates about 11.7 GW of renewable power capacity spread over 11 countries. More specifically, EDPR is present mostly in the United States (5.3 GW), Spain (2.3 GW), Portugal (1.3 GW) and Romania (0.5 GW).

In 2018, EDPR's power generation rose by 3% to 28.4 TWh, thanks to capacity additions; EDPR's power generation grew by 4% in North America to 15.6 TWh and by 43% to 1.2 TWh in Brazil. In Europe, it decreased by 2% to 11.5 TWh due to exceptionally low wind conditions in Poland (-16%) and Romania (-18%). It commissioned 826 MW of new generation capacity throughout the year, of which 478 MW were in the United States, 211 MW in Europe and 137 MW in Brazil. Interests in several planned projects were sold (160 MW), including a 10% stake at the 950 MW Moray East wind park off Scotland (United Kingdom). With this divestment, EDPR technically added 665 MW to its portfolio in 2018.