Terms of the transaction have not been announced, and it is still subject to the approval of the Federal Energy Regulatory Commission and the Committee on Foreign Investment in the United States.
The deal calls for EDPR tpo continue to own a majority interest in the facility, which went into commercial operation in April 2009.
“This transaction represents a significant milestone for our recently raised second infrastructure fund," said said Stéphane Mailhot, president and COO of Fiera Axium Infrastructure US Inc. "The Project is a great example of the type of attractive investment opportunities we currently see in the US infrastructure market.”
Paulo Arencibia, vice president and investment director of Fiera Axium Infrastructure US Inc., said the company is " elighted to provide our investors with access to a renewable energy project developed and operated by a world-class firm like EDPR as our first investment in the United States.
"We look forward to partnering with EDPR to ensure the continued success of the project,” Arencibia added.
The transaction is part of what EDPR described as its "asset rotation strategy."
The strategy involves selling minority stakes in mature projects that are operationally optimised and with a low risk profile, and is expected to enable EDPR to crystallise the value of its projects' future cash-flow streams and re-invest in the development of quality and value-accretive projects, while contributing to its self-fundinggrowth objective.
“We are very pleased to partner with Fiera Axium Infrastructure in furtherance to the asset rotation strategy we announced in May 2012, which is progressing in line with the initial calendar," Joao Manso Neto, CEO of EDP Renováveis said.
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