EDP Renewables has agreed to sell its majority interests in operational onshore wind farms in Europe totalling 997MW to unnamed institutional investors advised by JP Morgan Asset Management for €800m.
The deal covers full equity shareholding and outstanding shareholder loans in the wind portfolio and represents net capacity of 491MW, the company said.
EDPR will continue to provide operations and maintenance services to the portfolio under a separate agreement.
The wind farms are located in France (388MW), Spain (348MW), Portugal (191MW) and 71MW in Belgium.
They have been operational, on average, for seven years, EDPR said.
EDPR had already previously sold minority stakes in the wind farms in 2013, 2014 and 2016 and with this agreement is fully exiting ownership of the projects.
The transaction is subject to regulatory and other precedent conditions and is expected to be completed later this year.
The company said the deal is part of the asset rotation programme for the 2019-22 period outlined in its strategic update announced in March.
“The sale majority stakes in projects in operation or under development, while continuing to provide operating and maintenance services, allows EDPR to accelerate value creation and book up-front profits, while recycling capital to reinvest in accretive growth,” EDPR said.