EDP Renovaveis (EDPR) has entered into an agreement to acquire a controlling interest in Iberian wind plant owner Viesgo.
EDPR has entered into an agreement with funds managed by Macquarie Infrastructure and Real Assets, together with its managed funds, which are the sole shareholders of Viesgo.
The deal will give EDPR 100% control of a portfolio of 511MW of installed renewables capacity in Spain (84%) and Portugal (16%).
The transaction is valued at €565m, representing an implied enterprise value to net MW ratio of €1.1m.
“This is a high-quality portfolio with strong wind resource (29% average load factor) and with a low risk profile, of which 87% of the capacity is regulated with an average age of 13 years (seven years of remaining regulated life),” EDPR stated.
The portfolio also includes potential for future extensions and repowering.
The deal is expected to close at the end of 2020.