EDPR to obtain 544MW UK wind and solar sites
- Deals with Vento Ludens and Wind2 total ₤ 71m.
EDP Renewables (EDPR) has reached agreements to obtain a 544MW wind and solar portfolio in the UK.
The deal has been gotten to with 2 separate agreements with the renewable energy firms Vento Ludens and Wind2 for an overall factor to consider of up to ₤ 71m (EUR82m).
This will be conditional to the successful accomplishment of pre-determined landmarks for every project.
The portfolio consists of 5MW operating wind farm commissioned in 2012 with a 20-year feed in tariff.
It likewise consists of 192MW of wind projects under advanced phase of development, which will be participating in the upcoming CfD rounds and also in the UK exclusive PPA market, intending to enter in operation up until 2025.
It likewise consists of 347MW of projects under growth, including 229MW of wind and also 118MW of solar.
EDPR chief executive Miguel Stilwell d'Andrade said:" The agreements we have actually gotten to in the UK, as part of our 2021-25 business strategy, are an essential turning point for the business.
" The UK is an old acquaintance for EDPR, as we have been creating overseas wind farms in the nation for several years.
" Entering the UK onshore market opens up a new variety of opportunities to continue to diversify our business.
" This is a key market for us and we will remain to explore possibilities that add value and also strengthen our management placement in the renewable resource field.".
The UK has a low-risk profile as well as is a sizeable power market of c. 325 TWh, one of the biggest in Europe.
Recently, the UK Government introduced a target to reach net absolutely no greenhouse gas exhausts by 2050 as well as has indicated that from 2021 onwards both onshore wind as well as solar will be able to take part in the CfD rounds, which are anticipated to take place every two years till 2030.
In addition, the UK is a very fluid market as well as has one of one of the most industrialized PPA markets in Europe, providing several courses to market for the portfolio.
This purchase enables EDPR to develop its existence in the UK onshore market with a significant and highly diversified portfolio at different stages of growth.
It also supplies an experienced development group which will certainly be concentrating on added possibilities in the country.
In addition, this portfolio reinforces EDPR's overall presence in the UK, branching out and also matching its currently lengthy presence in offshore, where it presently has 1GW of offshore gross capacity unfinished as well as 0.9 GW under advancement, through Ocean Winds.
The entry in the UK onshore market is within the context of EDPR Business plan 2021-25, giving diversification and also development optionality, additional reinforcing EDPR's worldwide leading setting in renewables.