Why EDPR's €120M Greek Wind Sale to Faria Prices Contracted Assets Above the Market Median

EDP Renováveis has signed two sale and purchase agreements to sell 100 percent of its shares in a 58 MW Greek wind portfolio to Faria Renewables, at an estimated enterprise value of €120 million, or $138.3 million. The portfolio comprises one 23 MW operational wind farm and one 35 MW wind park under construction, both benefiting from ten-year power purchase agreements. Completion is subject to the usual conditions for a transaction of this nature. The capacity is modest and the price is not, and the reason sits in those PPAs rather than in the turbines.

How much did Faria Renewables pay for the EDPR wind portfolio?

The enterprise value is €120 million for 58 MW, equivalent to €2.07 million per MW, which Enerdatics converts to $2.38 million per MW. That figure sits above the entire recorded range for Greek wind. Enerdatics' benchmark for Greek wind asset transactions since the start of 2023 puts the median implied enterprise value at $0.70 million per MW, within an interquartile range of $0.41 million to $1.60 million, measured across seven priced deals from an eleven-transaction slice carrying $981.29 million of value. The full range for that slice tops out at $1.86 million per MW, so this transaction clears the previous high by roughly 28 percent and sits more than three times the median. It also exceeds the $1.55 million per MW that Enel and Macquarie Group paid EDPR for 149.6 MW of Greek wind in July 2025.

Why does a ten-year PPA change the price this much?

A power purchase agreement fixes the price at which output is sold for a defined term, converting exposure to wholesale markets into a contracted revenue stream. Greek capture prices carry real risk, with heavy solar build-out compressing midday pricing and curtailment now a live issue on a relatively isolated system. Ten years of contracted revenue removes that from the buyer's underwriting for the majority of the debt tenor, which is what allows higher leverage at lower cost and supports a materially higher price per MW. The composition matters too. Roughly 60 percent of this portfolio is still under construction, so the buyer is also taking completion risk, and the fact that the price still clears the top of the market indicates how much of the value the contracts carry rather than the operating history.

Why is EDPR selling in Greece?

Because selling is the strategy, not the exception. Enerdatics records 27 disposals across the EDP group since the start of 2023, with roughly $9.76 billion of disclosed value across the twenty that carry a price, spanning the United States, Spain, Italy, Poland, Brazil, Canada, France, Thailand, South Korea and Greece. The programme has run at pace through 2026, with 463 MW of US solar under construction sold to Ares Management for $640 million in July and 69.9 MW of Italian wind sold to PLT energia for $171.1 million in June. Greece specifically is now close to a full exit: EDPR sold 149.6 MW of operating Greek wind to Enel and Macquarie in July 2025, and this transaction takes out the remaining 58 MW. The rotation is systematic, monetising mature assets to fund development elsewhere.

Enerdatics' data shows the buyer is following an equally deliberate pattern. Faria Renewables has completed four prior Greek acquisitions covering 865.6 MW: 19.8 MW of solar development in December 2023, 35 MW of solar from Vasileiadis Group in July 2024, a 780 MW solar development portfolio from ib vogt in December 2024, and 30.8 MW of operating wind from an undisclosed seller in October 2025. Every one is Greek, and this is the first to carry a disclosed price. The shape of that sequence is telling: a large development pipeline acquired first, then operating and contracted assets added on top. Adding 58 MW of PPA-backed wind gives the platform contracted cash flow to sit alongside a development book that produces none, which is the standard route to financing a build-out.

What does the deal signal for Greek renewables?

The deal signals that Greece has split into two pricing regimes, and that a contract is what separates them. Merchant Greek assets trade at or below the $0.70 million per MW median in a market where capture prices are under pressure. Contracted assets clear multiples of that. With only eleven Greek wind transactions recorded since the start of 2023 and four of them carrying no disclosed value, the visible market is small enough that a single print at $2.38 million per MW meaningfully resets what sellers will expect for PPA-backed portfolios. Expect owners of contracted Greek assets to test the market on this evidence, and expect the discount on uncontracted ones to widen rather than narrow.

The counterpart is that the international utilities are leaving as the domestic platforms arrive. EDPR has now exited Greek wind entirely on Enerdatics' record, while Faria has been buying nothing but Greek assets since 2023. That is a transfer of ownership from a global developer recycling capital into a national platform building scale, and it is the same pattern visible in Italy and Iberia. Whoever ends up holding these assets long term, the pricing established here will be the reference point for the next contracted Greek portfolio to trade.

Key takeaways

• EDP Renováveis agreed to sell 100 percent of a 58 MW Greek wind portfolio to Faria Renewables at an estimated enterprise value of €120 million, or $138.3 million, comprising one 23 MW operational wind farm and one 35 MW park under construction, both with ten-year PPAs.
• The price equates to €2.07 million per MW, which Enerdatics records at $2.38 million per MW, against a $0.70 million median for Greek wind since 2023 and a previous recorded high of $1.86 million per MW.
• It also exceeds the $1.55 million per MW Enel and Macquarie Group paid EDPR for 149.6 MW of Greek wind in July 2025, a transaction that together with this one takes EDPR out of Greek wind entirely.
• Enerdatics records 27 EDP group disposals since 2023, with roughly $9.76 billion of disclosed value across the twenty that carry a price.
• Faria Renewables has now completed five Greek acquisitions covering 923.6 MW, including a 780 MW solar development portfolio bought from ib vogt in December 2024, and this is the first to carry a disclosed price.

Frequently asked questions

How much is EDPR selling the Greek wind portfolio for?The estimated enterprise value is €120 million, or $138.3 million, for 58 MW. That equates to €2.07 million per MW, which Enerdatics records at $2.38 million per MW, more than three times the $0.70 million per MW median for Greek wind asset transactions since the start of 2023.

Why do the power purchase agreements matter to the valuation?The assets carry ten-year PPAs, fixing the price at which output is sold for a defined term. That removes exposure to Greek wholesale capture prices, which have been compressed by solar build-out and curtailment, and contracted revenue supports higher leverage at lower cost, which in turn supports a higher price per MW.

Who is Faria Renewables?Faria Renewables is a Greek renewable energy platform. Enerdatics records four prior Greek acquisitions by the company covering 865.6 MW, including a 780 MW solar development portfolio from ib vogt in December 2024 and 30.8 MW of operating wind in October 2025. All of its recorded activity is in Greece.

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