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EDP Renováveis completes sale of interest in 4 wind projects

EDP Renováveis has closed the sale of 10% stake in the 950-MW Moray Offshore Windfarm (East) Ltd. to China Three Gorges (Europe) SA for £35 million.

Following the sale, the offshore wind farm off the coast of Scotland is now 33.3% owned by EDPR, 33.4% by Diamond Generation Europe Ltd., 23.3% by ENGIE SA and 10% by China Three Gorges. The facility is expected to be completed by 2022.

In a separate announcement, EDPR said it completed the sale of an 80% ownership stake in a 499-MW portfolio of onshore wind projects in the U.S. and Canada to Axium Infrastructure US Inc.

The deal involved the 200-MW Meadow Lake VI project in White and Benton counties, Ind.; the 199-MW Prairie Queen project in Allen County, Kan.; and the 100-MW Nation Rise wind farm in Ontario. EDPR sold a 75% stake in Nation Rise and will sell the remaining 5% interest upon commercial operation of the project.

Meadow Lake VI has been in operation since December 2018, Prairie Queen is expected to enter operation in the first half of 2019, while Nation Rise is slated to go online in the fourth quarter of 2019.

The portfolio is expected to have an enterprise value of $860 million, once the projects are fully completed.

In addition, the EDP - Energias de Portugal SA subsidiary has completed the sale of 100% class B, nonmanaging interests in the Meadow Lake VI and Prairie Queen projects to Allianz Renewable Energy Partners or an affiliate of Allianz and Citicorp North America Inc. The Federal Energy Regulatory Commission approved the transaction in October 2018. (FERC docket EC18-142)

EDPR said it offloads majority stakes in projects in operation or under development as part of its strategy to recycle capital with up-front cash flow crystallization, and to reinvest the proceeds in accretive growth, according to a company news release.