EDPR Sells Spanish Solar Assets for €160 Million

• EDPR sells 190-MW solar portfolio in Spain for €160M, fueling its €2B growth strategy with a 17-GW project pipeline across Europe and the Americas.

EDP Energias de Portugal SA's renewables arm, EDPR, has agreed to sell its entire 100% stake in a 190-MWac/229-MWdc solar portfolio in Spain for €160 million to an undisclosed institutional buyer. The portfolio includes five ground-mounted plants in Andalucía and Castilla y León, all with long-term power-purchase agreements. This divestment is part of EDPR's asset-rotation strategy, bringing its 2023 proceeds to approximately €800 million, which is 40% of its €2 billion target by 2025. The capital will be reinvested into a 17-GW pipeline of projects across Europe and the Americas.

The transaction, announced on August 5, is expected to close by year-end, pending regulatory approvals in Spain. EDPR will continue to operate and maintain the sites during the transition. The sale highlights the strong demand for de-risked solar portfolios amid Spain's renewable energy goals and power-price volatility. This move allows EDPR to self-fund its expansion plans, avoiding reliance on equity raises in uncertain capital markets.

What are the strategic benefits of EDPR's solar portfolio sale in Spain?

• Enhances liquidity for reinvestment into higher-growth projects.
  
• Supports EDPR's asset-rotation strategy, optimizing the portfolio for better returns.
  
• Reduces exposure to market volatility by securing long-term power-purchase agreements.
  
• Strengthens financial position to pursue a 17-GW pipeline of projects.
  
• Aligns with Spain's renewable energy goals, contributing to national targets.
  
• Demonstrates strong market demand for de-risked renewable assets.
  
• Provides flexibility to adapt to changing market conditions and regulatory environments.
  
• Allows EDPR to focus on expanding its presence in Europe and the Americas.
  
• Minimizes the need for external financing, reducing financial risk.
• Enhances operational efficiency by concentrating resources on strategic growth areas.