Announcement • Feb 26
EDP Renováveis, S.A., Annual General Meeting, Apr 13, 2026 EDP Renováveis, S.A., Annual General Meeting, Apr 13, 2026. Announcement • Jan 31
Principia S.p.A. completed the acquisition of Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR). Principia S.p.A. signed a sale and purchase agreement to acquire Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of €200 million on July 30, 2025. The portfolio consists of four wind farms, all operating under 20-year Contracts for Difference (CfDs).
The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature, with closing expected to occur during 2025.
Principia S.p.A. completed the acquisition of Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR) on January 29, 2026. Announcement • Jan 01
Solar Epc Solutions S.L. completed the acquisition of 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR). Solar Epc Solutions S.L. agreed to acquire 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) in an estimated enterprise valued at €160 million on August 5, 2025.
The transaction is pending regulatory clearance and is expected to close this year 2025.
Solar Epc Solutions S.L. completed the acquisition of 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) on December 31, 2025. Announcement • Aug 14
Encavis AG (HMSE:ECV) agreed to acquire Portfolio of solar energy projects in Italy of EDP Renewable from EDP Renováveis, S.A. (ENXTLS:EDPR) for €250 million. Encavis AG (HMSE:ECV) agreed to acquire Portfolio of solar energy projects in Italy of EDP Renewable from EDP Renováveis, S.A. (ENXTLS:EDPR) for €250 million on August 13, 2025. A cash consideration of €250 million will be paid by Encavis AG. As part of consideration, €250 million is paid towards assets of Portfolio of solar energy projects in Italy of EDP Renewable. The deal is expected to complete in the course of 2025. Announcement • Jun 19
Tion Renewables GmbH completed the acquisition of 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. for an enterprise value of €81 million. Tion Renewables GmbH agreed to acquire 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. on December 13, 2024. The transaction is subject to precedent, regulatory conditions and other usual conditions for a transaction of this nature. Ernst & Young GmbH WirtschaftsprÜFungsgesellschaft acted as financial advisor and due diligence provider to Tion Renewables GmbH. Roberto Pomares of Addleshaw Goddard LLP acted as legal advisor to EDP Renováveis, S.A.
Tion Renewables GmbH completed the acquisition of 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. for an enterprise value of €81 million on June 17, 2025. Announcement • Mar 04
EDP Renováveis, S.A., Annual General Meeting, Apr 03, 2025 EDP Renováveis, S.A., Annual General Meeting, Apr 03, 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0. Revenue: €522.0m (up 37% from 3Q 2023). Net income: €300.0k (down 100% from 3Q 2023). Profit margin: 0.1% (down from 96% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Oct 11
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €580 million. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire a 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €570 million on December 29, 2023. The portfolio consists of 422 MW in Portugal with feed-in tariff (FIT) in place, on average, until 2030; 418 MW in Poland under the Green Certificates scheme, on average, until 2027; and 130 MW in Italy with feed-in-premium (FiP) or contract for difference (CfD) in place, on average, until 2033. Following the transaction, EDP Renováveis will hold 100% in the portfolio of wind farms.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €580 million on October 10, 2024. Reported Earnings • Jul 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €650.6m (up 64% from 2Q 2023). Net income: €142.1m (up €127.2m from 2Q 2023). Profit margin: 22% (up from 3.7% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Renewable Energy industry in Germany. New Risk • May 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Announcement • May 10
EDP Renováveis, S.A. Appoints Laurie Fitch as Non-Executive Director and Member Man Group plc announces that Laurie Fitch, a non-executive director of the Company, has been appointed as a non-executive director and member of the ESG Committee of EDP Renováveis, S.A., with effect from 8 May 2024. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €14.56, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 20x in the Renewable Energy industry in Germany. Total loss to shareholders of 12% over the past three years. Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €2.01b (down 6.1% from FY 2022). Net income: €309.0m (down 50% from FY 2022). Profit margin: 15% (down from 29% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Germany. Announcement • Jan 11
Eni New Energy US Inc. entered into an agreement to acquire 80% equity stake in Three Photovoltaic Plants in US. from EDP Renováveis, S.A. (ENXTLS:EDPR). Eni New Energy US Inc. entered into an agreement to acquire 80% equity stake in Three Photovoltaic Plants in US. from EDP Renováveis, S.A. (ENXTLS:EDPR) on January 10, 2024. The agreement allows Plenitude to reach over 1,2 GW of installed capacity in the U.S. contributing to the goal of reaching 7 GW worldwide by 2026. BofA Securities, Inc. acted as financial advisor to Eni Plenitude S.p.A. Announcement • Oct 14
ORLEN Wind 3 Sp. z o.o. completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of PLN 2.2 billion. ORLEN Wind 3 Sp. z o.o. signs a sale and purchase agreement to acquire 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of PLN 2.2 billion on July 27, 2023.ORLEN Wind 3 Sp. z o.o. completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) on October 12, 2023. Announcement • Sep 01
Statkraft AS signed an agreement to acquire a portfolio of 260 MW wind farms in Brazil from EDP Renováveis, S.A. (ENXTLS:EDPR) for NOK 3.5 billion. Statkraft AS signed an agreement to acquire a portfolio of 260 MW wind farms in Brazil from EDP Renováveis, S.A. (ENXTLS:EDPR) for NOK 3.5 billion on August 29, 2023. The acquisition is expected to be closed within the next quarters, and the financial effects will be reported after closing. Announcement • Aug 30
Statkraft Energias Renováveis S.A. signed an agreement to acquire Two operational wind farms in Jerusalém and Boqueirão from EDP Renováveis, S.A. (ENXTLS:EDPR). Statkraft Energias Renováveis S.A. signed an agreement to acquire Two operational wind farms in Jerusalém and Boqueirão from EDP Renováveis, S.A. (ENXTLS:EDPR) on August 29, 2023. The transaction is subject to regulatory approvals and customary closing conditions. The completion is expected in the coming months. Announcement • Jul 28
ORLEN WIND 3 acquired 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for PLN 2.2 billion. ORLEN WIND 3 acquired 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for PLN 2.2 billion on July 27, 2023.
ORLEN WIND 3 completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) on July 27, 2023. Reported Earnings • Jul 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €519.3m (down 14% from 2Q 2022). Net income: €14.8m (down 93% from 2Q 2022). Profit margin: 2.9% (down from 33% in 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. New Risk • Jul 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (27% net profit margin). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Announcement • May 04
EDP Renováveis, S.A. to Report Q1, 2023 Results on May 03, 2023 EDP Renováveis, S.A. announced that they will report Q1, 2023 results Pre-Market on May 03, 2023 Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: €706.0m (up 24% from 1Q 2022). Net income: €65.0m (down 1.5% from 1Q 2022). Profit margin: 9.2% (down from 12% in 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €0.64 (vs €0.70 in FY 2021) Full year 2022 results: EPS: €0.64 (down from €0.70 in FY 2021). Revenue: €2.37b (up 50% from FY 2021). Net income: €616.2m (down 6.0% from FY 2021). Profit margin: 26% (down from 42% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.5% decline forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. CEO & Vice President of the Board Miguel de Andrade was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €727.3m (up 99% from 2Q 2021). Net income: €198.7m (up 92% from 2Q 2021). Profit margin: 27% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 18% compared to a 16% decline forecast for the industry in Germany. Reported Earnings • May 05
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.069. Revenue: €569.0m (up 41% from 1Q 2021). Net income: €66.0m (up 75% from 1Q 2021). Profit margin: 12% (up from 9.4% in 1Q 2021). Over the next year, revenue is forecast to grow 23% compared to a 17% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.9%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 18% share price gain to €21.40, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 164% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €926.0m (down 39% from FY 2020). Net income: €698.0m (up 26% from FY 2020). Profit margin: 75% (up from 36% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 119% compared to a 28% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €452.7m (up 22% from 2Q 2020). Net income: €103.8m (down 46% from 2Q 2020). Profit margin: 23% (down from 52% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS €0.043 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €403.3m (down 7.5% from 1Q 2020). Net income: €37.8m (down 39% from 1Q 2020). Profit margin: 9.4% (down from 14% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 03
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (3.9%). Is New 90 Day High Low • Mar 05
New 90-day low: €16.30 The company is down 9.0% from its price of €17.88 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.84 per share. Reported Earnings • Feb 25
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €1.53b (down 6.9% from FY 2019). Net income: €555.7m (up 17% from FY 2019). Profit margin: 36% (up from 29% in FY 2019). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to €26.15, the stock is trading at a trailing P/E ratio of 54.2x, up from the previous P/E ratio of 47.1x. This compares to an average P/E of 33x in the Renewable Energy industry in Germany. Total returns to shareholders over the past three years are 288%. Is New 90 Day High Low • Jan 04
New 90-day high: €24.20 The company is up 67% from its price of €14.52 on 06 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.59 per share. Announcement • Dec 30
Connor, Clark & Lunn Infrastructure Ltd., Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company completed the acquisition of 80% stake in US Renewable Power Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR). Connor, Clark & Lunn Infrastructure Ltd., Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company signed a sale and purchase agreement to acquire 80% stake in US Renewable Power Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of approximately $680 million on September 1, 2020. The portfolio includes four operating wind projects with an aggregate installed capacity of more than 360 MW that are located in Indiana, Wisconsin, Oklahoma, and Ohio, and one construction-stage solar project located in Indiana. Post acquisition, EDP Renováveis will retain a minority equity interest and continue to operate and manage the portfolio. The transaction is subject to regulatory approval and other precedent conditions. The transaction is expected to be completed before year end. CIBC Capital Markets acted as exclusive financial advisor to Connor, Clark & Lunn Infrastructure. Andras Posztl and Biborka Jojart of DLA Piper acted financial advisor to EDP Renováveis.
Connor, Clark & Lunn Infrastructure Ltd., Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company completed the acquisition of 80% stake in US Renewable Power Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) on December 28, 2020. Announcement • Dec 18
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of Renewable Business of Viesgo Infraestructuras Energéticas, S.L. EDP Renováveis, S.A. (ENXTLS:EDPR) entered into a definitive agreement to acquire Renewable Business of Viesgo Infraestructuras Energéticas, S.L. for an enterprise value of approximately €570 million on July 15, 2020. In a related deal, EDP – Energias de Portugal S.A. will acquire Viesgo’s two thermal generation plants in the south of Spain, EDP‘s Spanish electricity distribution subsidiary, ERedes, and Viesgo‘s electricity distribution units, Viesgo Distribución and Begasa, will be owned 75.1% by EDP and 24.9% by MIRA. The Viesgo transaction will be primarily funded through a rights issue of €1,020 million. Renewable Business reported EBITDA of €60 million. Following completion of the transaction, EDP will consolidate Viesgo and will have a majority representation on the board of directors with the right to appoint the Chairman, Chief Executive Officer and Chief Financial Officer. The acquisition is subject to the satisfaction of all applicable conditions precedent, which include all relevant regulatory and governmental approvals, both at EU (namely anti-trust approval) and Spanish level (CNMC approval, regulatory approval for foreign direct investment by MIRA, among others), as well as the necessary corporate restructuring. The Council of Ministers has authorized an investment of EDP. Transaction is expected to occur until the end of 2020. Morgan Stanley acted as a financial advisor to EDP Renováveis, S.A. Roberto Pomares, Gonzalo Olivera and Carlos Gil of King & Wood Mallesons Sap acted as legal advisor for EDP Renováveis, S.A. Vica Irani and Ben Larkin of Jones Day acted as the legal advisor to certain funds managed by Macquarie Infrastructure and Real Assets (Europe) Limited.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of Renewable Business of Viesgo Infraestructuras Energéticas, S.L. on December 17, 2020. Is New 90 Day High Low • Dec 09
New 90-day high: €18.44 The company is up 32% from its price of €14.00 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.63 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €17.38 The company is up 23% from its price of €14.10 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.44 per share. Analyst Estimate Surprise Post Earnings • Nov 01
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 13% at €346.4m. Revenue is forecast to grow 26% over the next year, compared to a 24% growth forecast for the Renewable Energy industry in Germany. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of €451.6m, down 16% from the prior year. Total revenue was €1.54b over the last 12 months, down 6.3% from the prior year. Is New 90 Day High Low • Oct 19
New 90-day high: €17.24 The company is up 22% from its price of €14.10 on 21 July 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.92 per share. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 17% share price gain to €16.96, the stock is trading at a trailing P/E ratio of 38x, up from the previous P/E ratio of 32.5x. This compares to an average P/E of 25x in the Renewable Energy industry in Germany. Total returns to shareholders over the past three years are 150%. Is New 90 Day High Low • Oct 01
New 90-day high: €14.62 The company is up 17% from its price of €12.54 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.42 per share. Announcement • Sep 24
Finerge SA agreed to acquire wind farms in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) for approximately €430 million. Finerge SA agreed to acquire majority stake in wind farms in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) for approximately €430 million on August 10, 2020. The consideration includes entire stake owned by EDPR as well as the outstanding shareholder loans. The consideration is subject to customary closing adjustments. Based on i) the transaction price and ii) the outstanding external net debt, the total enterprise value of the transaction amounts to €507 million, which translates to an implied enterprise value multiple of €2.1 million/MW. Through the transaction, EDPR has completed the divestment of seven onshore wind farms located in Ávila and Catalonia. The transaction is subject to regulatory and other precedent conditions and is expected to be completed in the fourth quarter 2020. Roberto Pomares and Teresa García of King & Wood Mallesons Sap acted as legal advisors for EDP Renováveis, S.A. Luis Alonso, Javier Olabarri, Enif Lobelos, Jaime Almenar, María Sabau, Boris Alonso, Mónica Romero, Alba Sande, Jorge Martín-Fernández, Isabel Palacios, Jorge Barrero, Itziar Kraus, Begoña Martínez, Clara Iglesias, María Aguayo, Lucía Herrero, Ana Cano, María Pradillo and José Guardo of Clifford Chance S.L.P. acted as legal advisors for Finerge SA. Ernst & Young Espana, SAU acted as a due diligence provider to Finerge SA. Announcement • Sep 03
Connor, Clark & Lunn Infrastructure Ltd., Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company entered into an agreement to acquire an unknown majority stake in US Renewable Power Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR). Connor, Clark & Lunn Infrastructure Ltd., Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company entered into an agreement to acquire an unknown majority stake in US Renewable Power Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) on September 2, 2020. The portfolio includes four operating wind projects with an aggregate installed capacity of more than 360 MW that are located in Indiana, Wisconsin, Oklahoma, and Ohio, and one construction-stage solar project located in Indiana. Post acquisition, EDP Renováveis will retain a minority equity interest and continue to operate and manage the portfolio. The transaction is subject to regulatory approval. The transaction is expected to be completed before year end. CIBC Capital Markets acted as exclusive financial advisor to Connor, Clark & Lunn Infrastructure. 
