EDPR sells 80% equity sharing in US wind and solar portfolio

• Meadow Lake V of 100 MW, located in Indiana, US, and in operation since 2017.
• Quilt Block of 98 MW, located in Wisconsin, US, and in operation since 2017.
• Redbed Plains of 99 MW, located in Oklahoma, US, and in operation since 2017.
• Hog Creek of 66 MW, located in Ohio, US, and in operation since 2017.
• Riverstart Solar of 200 MW, located in Indiana, US, and with start of operations expected in 2021.

The total consideration of the transaction corresponds to an Enterprise Value of US$676 million (for the 80% stake), which translates to an implied enterprise value multiple of US$1.5 million/MW. The transaction is subject to regulatory and other precedent conditions and 363 MW are expected to be completed in the 4Q20 while 200 MW (Riverstart solar project) are expected to be completed in 2021.

With the transaction announced, EDPR already executed >55% of the €4 billion target proceeds for 2019 - 2022, as announced in the Strategic update of 12 March 2019. The sale of majority stakes in projects in operation or under development, allows EDPR to accelerate value creation, while recycling capital to reinvest in accretive growth.

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