EDP Renewables sells wind farms in Greece to Enel-Macquarie joint venture

Principia agreed to acquire all four EDPR’s wind power plants in Greece. The joint venture of Enel and Macquarie Asset Management’s funds is nearing 800 MW in renewable energy and battery storage capacity in the country.

Principia, owned equally by Italy-based Enel and funds managed by Macquarie Asset Management, headquartered in Australia, is strengthening its presence in Greece with a purchase of four wind farms. EDP Renewables is selling the facilities to the firm after reportedly deciding to exit the country.

The joint venture, which expects to close the transaction later this year, revealed that the estimated enterprise value exceeds EUR 200 million. The measure can include debt and some other items. The takeover is adding 149.6 MW to its operational capacity, which would reach 727 MW, from 70 power plants. Wind power accounts for 517.8 MW.

With the purchase, Principia will operate a total of 517.8 MW in wind power capacity.

“The acquisition of this portfolio strategically strengthens Principia’s presence in the Greek renewable energy market, in a constantly evolving environment, and reaffirms a role of leadership in the country’s energy transition. With this investment, we further reinforce our position in the Greek clean energy market and take another step toward delivering on our ambitious plan for growth, diversification, and reliable clean energy generation across Greece,” Principia’s Chief Executive Officer Aristotelis Chantavas said.

All four wind farms operate within CfD scheme

All four wind farms are operating under 20-year contracts for difference (CfDs). Livadi (45 MW) and Erimia (35 MW) are in Malesina, Phthiotis. Wind power plants Xironomi (36 MW) and Chalcodonio (33.6 MW) were commissioned this year. They are located in Boeotia, Central Greece, and Magnesia, Thessaly, respectively.

Newmoney learned, without revealing its source, that Terna Energy, ENI Plenitude, HELLENiQ Energy and some investment funds also participated in the process, interested in the portfolio. The acquisition will lift Principia by one notch to become third among the largest wind farm operators in the country, the article adds.

Principia aims to complete construction of 49 MW battery system by year-end

Principia has another 230 MW under construction or in the ready-to-build stage, and 5.6 GW more in various stages of development.

It is building a battery energy storage system (BESS) of 49 MW in Polygyros, in the Halkidiki peninsula. It won government support at Greece’s second energy storage auction.

The Paleolivada facility is due to come online before the end of the year. Construction began in March. It will have 98 MWh in guaranteed capacity, versus 127 MWh installed.

The firm has a mature project for a hybrid power plant of 111 MW and 70 MW of solar power capacity. The site is in Atherinolakos, in Sitia in the south of Crete.

Principia inaugurated a photovoltaic cluster of 95 MW in May. The Perasma facility, near the villages of Mavrodendri and Sidera, is set to generate 126.8 MW per year. It comprises seven units and 170,000 bifacial panels.

Macquarie Asset Management agreed to buy 50% of Enel Green Power Hellas in 2023.

Of note, EDP Renewables (EDPR) is headquartered in Spain, but traded on the Euronext Lisbon stock exchange. It is a subsidiary of EDP.