Spain’s EDP Renovaveis sells 49 % stake in US wind farms to Canada’s Borealis for $230 mn
07 Nov 2012
Spain's EDP Renovaveis SA (EDPR), the world's third-largest wind energy producer, yesterday sold a 49-per cent stake in its US wind farms to Canada's Borealis Infrastructure, for $230 million.
Madrid, Spain-based EDPR sold its US wind farms portfolio comprising four wind farms with a combined 599 MW capacity, installed between 2007 and 2008, all of which have long-term power purchase agreements (PPAs) in place.
The transaction values the US wind farm portfolio at $1.46 billion.
EDPR, based in Madrid, said that the sale is part of its asset-rotation strategy, which was earlier announced as one of its core objectives of selling minority stakes in mature projects in order to create a future cash-flow that could be re-invested in value accretive projects.
EDPR entered the US market in 2007 with the acquisition of Horizon Wind Energy from Goldman Sachs. The addition of Horizon helped the company to more than double its wind-power production, making it one of the world's largest producers.
The acquisition gave it 559 MW in operating wind farms and 997 MW under construction.
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