UPDATE 1-Portugal's EDPR sells U.S. wind farm stake for $230 mln

Tue Nov 6, 2012 10:26am EST
 
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* 599 MW in U.S. sold to Borealis

* EDPR says lowering risk profile

* Posted 48 pct rise in nine-month net profit

LISBON, Nov 6 (Reuters) - Portuguese group EDPR, the world's fourth-largest wind energy producer, has sold a 49 percent stake in wind farms in the United States to Canadian pension fund Borealis for $230 million.

EDPR said on Tuesday that the portfolio comprised four wind farms totalling 599 megawatts (MW), installed in 2007/08, all of which have long-term power purchase agreements in place.

The enterprise value of purchased assets was $1.4 billion, which includes equity and outstanding liabilities, EDPR said.

The sale is part of the Portuguese company's strategy to reduce its risk profile, which it said would enable it to invest in the development of "quality and value-accretive projects".

Separately, EDPR beat expectations with a 48 percent rise in nine-month net profit on rising power generation and higher average prices. Europe was the main driver of output growth, particularly central and eastern Europe.

EDPR shares jumped 5 percent after the announcement, outperforming the broader Lisbon market, which was up 0.3 percent.