Danish wind turbine manufacturer Vestas has entered into an agreement to sell 80% of its shares in subsidiaries owning three Romanian wind farms for €136m ($150.1m) to a non-disclosed buyer.
The sale of the stakes in the Pantelimon, Pegasus, and Apollo arrays is expected to be recognised as revenue and earnings within the fiscal year of 2019, but won’t change Vestas’s guidance for this year.
Closing of the transaction is expected to take place within eight to ten weeks. The transaction is subject to certain closing conditions, including approval by the Romanian Competition Council.
Mired in lengthy corruption and government crises, Romania in recent years has been a laggard in the wind power build-up.
Thanks to a strong expansion in earlier years, the eastern European country has a cumulated wind power capacity of 3GW, with the 600MW Fantanele-Cogealac complex still featuring as one of Europe’s largest wind power sites. But no new turbines have been installed since 2016.