The amount paid for the stake is EUR12m (enterprise value) and additional success fees will be paid as the wind projects reach certain predefined milestones. Through this transaction, EDPR acquires a pipeline in Italy and incorporates a team with local expertise and track record on the Italian renewable sector.
EDPR expands its geographical diversification to ten 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, the company said.
EDPR claims that its entrance in the Italian market will enable the company to selectively diversify its growth options and expand its European footprint.
The company designs, develops, manages and operates power plants that generate electricity using renewable energy sources.