EDRVY EDP Renovaveis SA (PK)

By Olivia Bugault

EDP-Energias de Portugal SA said late Wednesday that it has signed a deal with Canadian-based Connor, Clark & Lunn Infrastructure for the sale of an 80% stake in a wind and solar portfolio.

Under the sale and purchase agreement, the Portuguese energy company, through its 82.6% owned subsidiary EDP Renovaveis S/A, will sell the 80% stake for an enterprise value of $676 million, it said.

The wind and solar portfolio located in the U.S. comprises four wind farms in operation and one solar asset for a total of 563 megawatts, it said.

"With the transaction announced today, EDPR already executed more than 55% of the EUR4 billion ($4.74 billion) target proceeds for 2019-22, as announced in the strategic update of March 12, 2019," it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

September 03, 2020 02:46 ET (06:46 GMT)

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