EDP Renewables (EDPR), a renewable energy power producer, has agreed to sell an 80% common equity stake in a 384 MW solar and battery storage portfolio in California to an Ares Infrastructure Equity fund.

The portfolio includes 200 MW of solar capacity and 184 MW of battery storage capacity.

The solar project is backed by a 20-year power purchase agreement. The battery storage capacity is covered by a 20-year capacity tolling agreement.

EDP Renewables said the transaction implies an enterprise value of $800 million for 100% of the assets when they begin operations. The company expects to receive approximately $450 million in total proceeds from the sale of the 80% stake. Half of the proceeds will be paid at financial close. EDP Renewables will receive the remaining amount when the portfolio begins commercial operations.

The portfolio reached a final investment decision in August 2025. EDP Renewables said it was the company’s first final investment decision in the U.S. after the One Big Beautiful Bill Act was signed into law on July 4, 2025.

The company said the projects are intended to help meet growing electricity demand in the region. EDP Renewables contracted 1.5 GW of new solar and battery storage capacity in the U.S. during the 12 months following the law’s approval. The company expects the contracted projects to begin delivering energy from 2026 to 2028.

Previously, in 2025, EDP, through its 71.3% owned subsidiary EDP Renováveis (EDPR), entered into a sale and purchase agreement with Prosolia Energy, an independent power producer, to sell a 100% equity stake in a portfolio of solar projects totaling 190 MWac (229 MWdc).

In January 2025, EDP Renováveis announced the signing of a sale and purchase agreement with a global energy company to sell a 49% equity stake of Class B shares in an operational solar portfolio comprising two projects totaling 300 MWac (406 MWdc) and a 92 MW electricity storage project. The projects are in California.

According to Mercom’s 1H and Q2 2026 Solar Funding and M&A report, approximately 25.2 GW of solar projects were acquired in the first half of 2026, compared to 19.9 GW in the first half of 2025.