Overview:
- EDP Renewables Europe, a subsidiary of leading renewable energy company EDP Renováveis (EDPR), has sold a 49% stake in an asset portfolio of 23 onshore wind projects in Spain, Portugal, France and Belgium to Vortex, a fund led by Middle East investment bank EFG Hermes, for €550 million.
- The full enterprise value of the total portfolio amounts to over €1 billion.
- This transaction is part of EDPR’s asset rotation strategy, by which the value of its projects’ future cash-flow stream is re-invested in the development of quality and value accretive projects.
Adam Majeed - Regional editor