EDP Renewables (EDPR) is to sell to Finerge a portfolio of operational onshore wind farms totalling 242MW in Spain for €426m.
The portfolio comprises seven projects in Avila and Catalonia that have been operating on average for nine years.
EDPR said the deal also includes the outstanding shareholder loans.
The company said that the agreement means EDPR has now completed the divestment of 40% of the €4bn planned over the 2019-2022 period.
It said: “Divesting majority stakes in projects which are operational or in the development phase allows EDPR to step up value creation, and the capital generated is reinvested in accretive growth.”
EDP Renewables interim chief executive Rui Teixeira said: “This agreement is a major milestone for us. Not only does it show that we are able to generate value through project development and management, it also demonstrates that the market recognises the quality of our assets.
“This transaction allows us to continue to roll out our business plan thanks to an asset rotation strategy that allows us to monetise our assets before they reach the end of their useful lives, always with a view to stepping up investment, and by extension, growth.”
The transaction is subject to regulatory and other conditions precedent and is expected to be completed in the fourth quarter of 2020.