The portfolio consolidates EDPR’s overall footprint in the UK where it has been developing offshore wind farms
EDPR signs deals to acquire 544MW wind and solar farms in the UK. (Credit: EDP Energias de Portugal)
EDP Renewables (EDPR) has forayed into the UK onshore market by signing two separate deals to acquire a 544MW wind and solar portfolio for a combined price of up to £71m.
The Spain-based company will acquire the renewable portfolio from Vento Ludens and Wind2.
According to EDPR, the consideration is subject to each of the renewable assets achieving pre-determined milestones.
The portfolio has a 5MW operating wind farm, which was commissioned in 2021 with a 20-year feed in tariff.
The acquisition also includes 192MW of wind projects under advanced stage of development, which will take part in the upcoming contract for differences (CfD) rounds and the UK private power purchase agreement (PPA) market. The wind farms are targeted to begin operations by 2025.
In addition, the portfolio to be acquired consists of 347MW of projects, that are under development. These include 229MW of wind farms and 118MW of solar power plants.
EDPR said that the portfolio consolidates its overall footprint in the UK, where it presently has an offshore capacity of 1GW under construction and 900MW under development through the Ocean Winds joint venture with Engie.
EDPR CEO Miguel Stilwell d’Andrade said: “The agreements we have reached in the UK, as part of our 2021-25 business plan, are an important milestone for the company. The UK is an old acquaintance for EDPR, as we have been developing offshore wind farms in the country for years.
“Entering the UK onshore market opens up a new range of possibilities to continue to diversify our business. This is a key market for us and we will continue to explore opportunities that add value and strengthen our leadership position in the renewable energy sector.”
In another development, EDPR has agreed to sell a 221MW wind portfolio in Portugal to Onex Renewables for €532m. The portfolio has five wind farms, of which three are in operation, while the remaining two are under construction and expected to be commissioned by the year-end.
The company also announced the commissioning of the 198MW Headwaters II wind farm in Indiana, US. The wind farm is underpinned by PPAs with Facebook and Walmart.