EDP Renewables has successfully divested an 80% stake in a trio of operational solar projects in the US, fetching $400mn. This sale translates to an impressive $1.47mn/MW, underscoring the high value of these assets.
🌞 Strategic Assets: The portfolio includes the 240 MW Cattlemen in Texas, as well as Ohio's 50 MW Timber Road and 49.9 MW Blue Harvest. This selection showcases EDP's focus on strategically valuable solar assets.
💰 Robust Revenue: The assets benefit from long-term contracts with investment-grade off-takers like Amazon, Meta, and Bristol Myers Squibb, promising a steady revenue stream. Additionally, Timber Road's participation in PJM merchant market diversifies the portfolio’s revenue sources.
🔄 Strategic Progress: With the transaction, EDP has executed and secured over 25% of EDP's ambitious €7bn asset rotation goal for 2023-26. It represents a major step in accelerating value creation and funding further growth initiatives.
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