EDPR sells 49% of wind parks in France for €160 million
EDP Renewables (EDPR) announced that has reached an agreement with a fund led by EFG Hermes for the sale of 49% of a group of wind parks located in France.
In a press release divulged by CMVM, the renewables company mentions that the sold “ a 49% stake of the capital and loans of a portfolio of operating wind parks – 270 MW net”.
According to EDP Renewables the deal was closed at € 160 million. With this transaction the company reached €1,038 billion resulting from the sales of minority participations in wind parks located in the US and in Europe. Still according to the same source, the minority stake involves 33 wind parks with an average age of 5 years “that currently are remunerated on a “feed-in-tariff” basis”.
The acquiring fund is led by EFG Hermes, one of the biggest investment banks operating in the Middle East and North Africa, and also includes investors from the Golf’s Cooperation Council.
The company states that is pursuing an auto financing strategy through the reinvestment of cash flows generated by sales into the development of other high added value projects.
“With the mentioned transaction EDPR has reached 60% of the objective that was set for the 2014-2017 period – rotation of €700 million of assets”.