British private equity Portuguese company EDP Renewables (EDPR) has agreed to sell the 137MW Babilonia wind farm to a unit of British private equity fund Actis for R$650m ($177m) as part of the company’s drive to raise money for new investments.

Taking the total debt into account, the transaction is valued at R$1.2bn.

“Including this sale, EDPR has already reached around 25% of the €4bn Euro asset rotation for 2019-22,” the company said in a statement, referring to the strategic plan it announced earlier this year.