EDP Renewables has signed an agreement to sell a portfolio equalling

491MW in net capacity of already operating onshore wind farms across Europe for about €800m to unnamed institutional investors.

The green power unit of Portuguese utility Energias do Portugal (EDP) said the transaction will allow the company to accelerate value creation and book up-front profits, while recycling capital to reinvest in accretive growth.

The sale refers to full equity shareholdings and outstanding shareholder loans in an operating onshore portfolio with 997MW of installed capacity, or which EDPR owns 51% in most cases. The company will provide operation and maintenance services to the wind farms to be sold.

EDP in March had unveiled expansion plans to add up to 8GW of renewables by 2022, to be funded partly by divestments, among them up to 5.5GW of onshore wind.

The transaction covers 388MW in operation in France, 348MW in Spain, 191MW in Portugal (part of ex-ENEOP assets), as well as 71MW in Belgium.

The total portfolio has been in operation for 7 years on average. EDPR had already previously sold minority stakes in these wind farms in 2013, 2014 and 2016, and with this agreement is fully exiting ownership of these projects.

The asset rotation deal announced today is part of an asset rotation program for the 2019-22 period contemplated in the company’s strategic update announced on March 12.

The sale has been advised by JP Morgan Asset Management.