EDP Renováveis (EDPR), a renewable energy power producer, announced the signing of a sale and purchase agreement with a global energy company to sell a 49% equity stake of class B shares in an operational solar portfolio comprising two projects totaling 300 MWac (406 MWdc) and a 92 MW electricity storage project. The projects are in California.
The two solar projects were commissioned in the fourth quarter of 2024. The storage project is currently under construction and expected to reach commercial operation in the fourth quarter of 2025. The solar projects share the same grid connection infrastructure as the storage project.
The total enterprise value for 100% of the portfolio amounts to $0.6 billion. Further financial details of the transaction, including the acquirer’s name, were not disclosed. The transaction is subject to regulatory approval.
In June 2022, EDP Renewables agreed with Xuan Thien Group, a solar developer, to acquire two solar PV projects totaling 200 MW in Vietnam. The projects started operation in 2020 under a 20-year PPA at $93.5/MWh and are located in the Thuan Bac district. In November 2021, EDPR acquired a majority stake in Singapore-based solar energy company Sunseap. The deal values Sunseap at $815.18 million.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Recently, Blue Elephant Energy, a Hamburg-based solar and wind project developer, announced the acquisition of an 88 MWp solar project portfolio spread across the Netherlands from TPSolar, a solar and battery storage project developer in the Netherlands. The portfolio consists of three solar projects, currently in different stages of development. Of the three, the largest solar project, with 50 MWp capacity, is located in the northeastern part of the country.
