In a statement to the Portuguese Securities Market Commission (CMVM), the company said that the business concerns a portfolio of “onshore wind technology with 997 megawatts (MW) of installed capacity” in Portugal, Spain, France and Belgium, and the buyers are “institutional investors advised by J. P. Morgan Asset Management.”

According to the company, this portfolio has 491 net MW “for EDPR – shareholding of 51% in most wind farms,” and the value of the sale is “subject to adjustments upon completion.”

Despite alienating these assets, EDPR has established a service provision agreement, in which it will provide “operational and maintenance services in the portfolio.”

“The transaction’s perimeter covers 388 MW in operation in France, 348 MW in operation in Spain, 191 MW in operation in Portugal (part of the assets of former-ENEOP) and 71 MW in operation in Belgium,” the company said, adding that these assets started, on average, seven years ago.

EDPR recalled that it had already sold “in the past, minority holdings in these wind farms, namely in 2013, 2014 and 2016, and now reaches an agreement to sell the remaining holdings in these projects,” according to the note.

The company revealed that considering the price of the transaction and the external net debt, the total value of 100% of the assets “amounts to €1.6 billion, which represents an implicit unit total of €1.6 billion/MW.”

The conclusion of the sale is scheduled for the second quarter, is subject to regulatory conditions and other “common in these projects,” EDPR said.

In March, the chairman of EDP announced to investors the intention to proceed with asset rotation, which should yield about €4 billion over the next four years.”