Hamburg-based renewables operator Encavis is selling its 49% shareholding in four German wind farms to a fund, for €24m.
The wind farms are Briest, Breitendeich, Debtstedt and Lunestedt.
The 49% share in each one has been acquired by a special fund managed by an institutional customer in Luxembourg.
Subject to an upcoming antitrust investigation, Encavis will receive €24m in cash.
The sale price achieved confirms the balance sheet values of the existing portfolio and will result in a significant profit under the German Commercial Code.
From the sale of the shareholdings and taking into account the positive operating development of the company, the Encavis management board has raised its guidance for sales to €260m, up from €255m and earnings before interest, tax depreciation and amortisation to €210m up from €190m.