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EDP Renováveis enters the Italian wind market
EDP Renováveis S.A. (“EDPR”) acquires 85% of Italian Wind srl, from Co-Ver group (an industrial conglomerate from the north of Italy), adding to its portfolio several wind projects in Italy totalling 520 MW in different stages of maturity and in prime locations:
- 4 wind projects totalling 108 MW classified as Tier 2
- 98 MW of projects classified as Tier 3
- 314 MW classified as prospects.
The amount paid for the above mentioned stake is €12 million (Enterprise Value) and additional success fees will be paid as the wind projects reach certain predefined milestones.
Through this transaction EDPR acquires a quality pipeline in Italy and incorporates a team with a strong local expertise and track record on the Italian renewable sector, with an accumulated experience in the development and construction of 125 MW.
The entrance in the Italian market, will allow EDPR to be exposed to one of the most attractive countries in Europe given its strong regulatory framework, enabling the company to selectively diversify its growth options and expand its European footprint.
Through the entrance in the Italian market, EDPR expands its geographical diversification to 10 markets around the World (US, Spain, Portugal, France, Belgium, Poland, Romania, UK, Italy and Brazil) and increases its optionalities to deliver a sustainable long term profitable growth.