Greenvolt – Energias Renováveis, S.A. has reached an agreement with Iberdrola for the sale of a portfolio of solar and wind farms in Poland. The deal, pending the usual regulatory approvals, will be carried out for a value of €155 million.
The agreement signed through Augusta Energy, a 50% joint venture between KGAL, a German asset manager, and V-Ridium Group, a company 100% owned by Greenvolt, provides for the sale to the Spanish electric company of renewable assets with a total capacity of 98 MW.
At stake are two wind farms with a total capacity of 50 MW and six solar parks with 48 MW, both covered by a power purchase agreement (PPA or Power Purchase Agreement, in English) with T-Mobile Polska for a period of 15 years, starting in 2023, an agreement that had been announced in April.
The transaction with Iberdrola values the assets held so far by Augusta Energy in Poland at €155 million (Enterprise Value), which translates into an Enterprise Value per MW of €1.57 million.
“This sale, the first for Greenvolt since the IPO, demonstrates our ability to develop, build and generate value with the projects in which we invest through the asset rotation strategy that we have defined”, says João Manso Neto. “The transaction that we are announcing today, with a player of relevance on a European scale, reveals the enormous appetite that there is for assets like these, namely in the Polish market”, adds the CEO of Greenvolt.
