EDP Renovaveis has announced it will sell a $500M wind portfolio to Finerge S.A.. The divestment of the 242 MW wind farm is part of a planned $4.7B sale of stabilized assets in order to raise capital for development projects.
In a statement, Rui Teixeira, Interim CEO of EDP Renewables, said, “This transaction allows us to continue to roll out our Business Plan thanks to an asset rotation strategy that allows us to monetise our assets before they reach the end of their useful lives, always with a view to stepping up investment, and by extension, growth."
The sale comes during a period of relative strength in the renewables industry. While oil companies have suffered from a COVID-19 and lockdown fueled drop off in demand, renewables like wind have proven comparatively stable.