EDP Renewables (EDPR) has reached agreements to acquire a 544MW UK wind and solar portfolio, 118MW of which is solar currently under development.
The remainder of the portfolio consists of a 5MW operating wind farm, 192MW of wind projects under advanced stage of development and 229MW of wind under development.
The agreements were made with two renewable energy companies, Vento Ludens and Wind2, for a total consideration of up to £71 million, although this is conditional to the successful achievement of pre-determined milestones for each project.
The transaction allows EDPR to establish its presence in the UK onshore market with what it described as a sizeable and technologically diversified portfolio.
The company pointed to how the UK has a low-risk profile and a sizeable power market of c.325TWh alongside the 2050 net zero target and Contracts for Difference schemes, which onshore wind and solar can now once again participate in.
It also has what EDPR said is one of the most developed power purchase agreement markets in Europe, providing multiple routes to market for the portfolio.
Miguel Stilwell d'Andrade, CEO of EDPR, said: “This is a key market for us and we will continue to explore opportunities that add value and strengthen our leadership position in the renewable energy sector."