VERBUND AG hereby announces the acquisition of operative wind power plants in Spain with a total capacity of 257 MW and potential for hybridisation and repowering from EDP Renewables Europe, S.L.U. (“EDPR”) for an enterprise value of approx. €0.46bn.
VERBUND Green Power GmbH will acquire 100% of the shares in Viesgo Renovables S.L. and Viesgo Europa S.L. The two companies hold nine wind portfolios with a total installed capacity of 257 MW sited at various locations in Spain. Seven portfolios are beneficiaries of a national funding scheme which on average will run for another seven years, while two portfolios are marketed as “merchant”.
The acquired assets constitute an attractive, well serviced and geographically diverse wind portfolio. In Spain, good wind sites with available grid connections for developing new greenfield projects are rare. Consequently, the acquisition is an excellent opportunity to augment VERBUND’s existing wind portfolio in Spain, and in doing so to balance out the predominantly solar load profile. There is currently great demand in the market for combined wind/solar profiles; these are also more advantageous for potential hydrogen production.
VERBUND’s 2030 strategy is to significantly expand solar and wind power so that around 20% to 25% of the total generation will be produced from photovoltaic and wind onshore sources by the year 2030. Spain has been defined as a strategic target market. After entering the market in late November 2021 and the subsequent transactions, this new acquisition is an important step towards reaching this goal and enables VERBUND to take a leading position in the Spanish energy market.
