EDP Renováveis to sell stake in US renewable assets for $700m

3 September 2020 (Last Updated September 7th, 2020 14:01)

Spanish firm EDP Renováveis has agreed to sell its stake in a US wind and solar portfolio to Connor, Clark & Lunn Infrastructure for $700m.

EDP Renováveis to sell stake in US renewable assets for $700m
EDP Renováveis has sold its stake in five renewable energy projects as part of a divestment programme. Credit: RawFilm on Unsplash.

Spanish firm EDP Renováveis has agreed to sell its stake in a US wind and solar portfolio to Connor, Clark & Lunn Infrastructure for $700m.

As per the terms of the agreement, EDP Renováveis will sell its 80% stake in four wind farms and a solar farm.

These include the 100MW Meadow Lake V facility in Indiana, the 98MW Quilt Block wind farm in Wisconsin, and the 99MW Redbed Plains wind farm in Oklahoma.

In Ohio, the company has sold the 66MW Hog Creek wind facility. Together, the wind assets have an installed capacity of 563MW. All have operated since 2017.

It has also sold the 200MW Riverstart Solar facility in Indiana, slated to become operational next year.

With this deal, EDP has sold 55% of the $4.7bn (€4bn) it planned for in its Strategic Plan up until 2022.

Completion of the deal is subject to regulatory and other preconditions. Of the traded capacity, 363MW will officially change hands in the last quarter of this year, with the remaining 200MW following next year.

In a separate US power sector development, Mitsubshi has announced the development of three new hydrogen projects in New York, Virginia and Ohio.

For these projects, power producers including Danskammer Energy, Balico and EmberClear have agreed to pay $3bn to Mitsubishi Power.

Together, these facilities will generate 3.28GW of electricity.

One of the projects will have a capacity of 600MW, built at Danskammer Energy in Newburgh, New York. A second project is being developed by Balico in Virginia.

EmberClear selected Mitsubishi Power’s package for its 1,084MW Harrison Power Project in Cadiz, Ohio.