EDPR Sells 80% Stake in 384 MW Solar and BESS Portfolio in California to Ares Infrastructure Equity for ~$450 Million
EDP Renováveis (EDPR) has agreed to sell an 80% common equity stake in a 384 MW solar and BESS portfolio in California to an Ares Infrastructure Equity fund for approximately USD 450 million. The portfolio comprises 200 MW of solar PV backed by a 20-year PPA and 184 MW of BESS supported by a 20-year capacity tolling agreement. EDPR retains a 20% stake.
Transaction date:
Key facts
- Transaction date
- Technology
- Solar PV, Battery Storage (BESS)
- Capacity
- 384 MW
- Transaction price
- 408 million (currency as reported in the source)
- Seller
- EDPR
- Country
- United States
- Region
- California
- Location
- California, USA
- Continent
- North America
- Development status
- Under Construction
- PPA
- Yes
Technology details
Portfolio comprising 200 MW of solar PV and 184 MW of battery energy storage system (BESS). Solar capacity backed by a 20-year long-term PPA; BESS supported by a 20-year capacity tolling agreement. Represents EDPR's first Final Investment Decision (FID) in the US following the signing of the One Big Beautiful Bill Act on 4 July 2025.
Power purchase agreement (PPA)
Solar capacity benefits from a 20-year long-term Power Purchase Agreement (PPA). BESS capacity is supported by a 20-year capacity tolling agreement.
Additional information
Ares Infrastructure Equity acquires 80% common equity stake; EDPR retains 20%. Total consideration approximately USD 450 million (approx. EUR 408 million at prevailing rates). EDPR will receive 50% at financial close and 50% at commercial operation date (COD). Price converted from USD 450 million using rate of 1.0 USD = EUR 0.907 (approx.). In the 12 months since the One Big Beautiful Bill Act, EDPR has contracted 1.5 GW of solar and BESS greenfield capacity with expected energy delivery 2026–2028.
Source
Compiled by Renewables.digital from public announcements.