EDPR Reaches Agreement for Co-Development of 900 MW Wind Farms

EDPR has an agreement with Ellaktor, the largest infrastructure group in Greece, for the joint development of onshore wind opportunities in the country

EDP Renováveis, S.A. (EDPR), a global leader in the renewable energy sector and one of the world’s largest wind energy producers, has announced that it has reached an agreement with Ellaktor, the largest infrastructure group in Greece, for the joint development of onshore wind opportunities in the country, with both companies bringing together and combining the industrial expertise and development capacity.

The agreement envisages the joint development of a wind portfolio with a capacity of 900 MW, currently under different development stages, in a country with attractive renewable prospects

Through this partnership, EDPR accesses to quality assets under development and gains further growth visibility in the Greek market on top of the 152 MW already contracted in recent wind auctions to start operations in 2021 and 2022.

In September, we had reported that EDPR had signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure, to sell an 80 percent equity shareholding in a renewable (wind and solar) portfolio located in the United States with 563 MW (450 MW net). The total consideration of the transaction corresponded to an Enterprise Value of USD 676 million (for the 80 percent stake), which translates to an implied enterprise value multiple of USD 1.5 million/MW.

The portfolio comprises of four winds farms in operation and one pre-COD solar asset, namely:

• Meadow Lake V of 100 MW, located in Indiana and in operation since 2017;
• Quilt Block of 98 MW, located in Wisconsin and in operation since 2017;
• Redbed Plains of 99 MW, located in Oklahoma and in operation since 2017;
• Hog Creek of 66 MW, located in Ohio and in operation since 2017;
• Riverstart Solar of 200 MW, located in Indiana and with the start of operations expected in 2021

Prior to that, the firm had announced that its revenues for the first half of 2020, decreased to EUR 913m (-9 percent YoY), where the impact from capacity MW (-EUR 79m YoY; including Sell-down transactions) and wind resource (-EUR 52m YoY) were not offset by higher average selling prices (+EUR 22m YoY) along with positive impact from forex conversion and others (+EUR 16m YoY).

At the bottom line, Net Profit summed EUR 255m (-26% YoY) mainly driven by lower EBITDA. Non-controlling interests in the period totalled EUR 76m, decreasing by €14m YoY as a result of assets sold.