Vortex, a fund led by Arab investment bank EFG Hermes, has acquired a 49% equity stake and outstanding shareholders loans in wind assets owned by EDP Renewables Europe in Spain, Portugal, Belgium and France for €550m.
The assets total 664MW and have four years of average life. They include: 348MW in Spain; 191MW in Portugal; 71MW in Belgium; and 54 MW in France, of which 24MW are expected to be operational in the second quarter of 2016.
EDPR said the total implied enterprise value for 100% of the assets amounts to €1,151m, which translates to an implied enterprise value multiple of €1.73m/MW.
The deal is subject to regulatory and other precedent conditions and is expected to be complete in the second quarter of this year, the company said.
EDPR said the transaction is part of its 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, enhancing its growth and accelerating value creation”.
Image: EDPR
EDPR sells 49% stake in Europe
Arab fund invests in wind farms in Spain, Portugal, Belgium and France
By EBS