Bloomberg News

EDP to Sell 49% Stake in Four U.S. Wind Farms for $230 Million

November 06, 2012

EDP Renovaveis (EDPR) SA, the renewable- energy division of Portuguese utility EDP-Energias de Portugal SA, agreed to sell a 49 percent stake in four U.S. wind farms for $230 million.

The stake will be sold to Borealis Infrastructure, which manages investments for the Ontario Municipal Employees Retirement System, the unit of Lisbon-based EDP said today in a regulatory filing.

The wind farms have an installed capacity of 599 megawatts and are located in Minnesota, Illinois, Texas and Oregon. All sell their electricity under long-term power purchase agreements, according to EDP Renovaveis.

EDP Renovaveis had 7.5 gigawatts of capacity at the end of 2011 and said in May it plans to spend 3.2 billion euros ($4.1 billion) through 2015 on wind capacity. It plans to add 2.3 gigawatts of wind generation, including 500 megawatts this year, in markets such as Poland, Romania and Brazil.

The Portuguese government last year agreed to sell a 21 percent stake in EDP to China Three Gorges Corp. for 2.69 billion euros. The Chinese company will also spend 2 billion euros to purchase minority stakes in EDP wind farms until 2015 and help offer possible additional funding for EDP.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net


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