Global investment firm Babcock & Brown (ASX: BNB) Monday announced the sale of wind assets in Portugal for approximately €1.15 billion (US $1.46 billion).
A consortium of investors led by Magnum Capital purchased the portfolio of wind farms comprising approximately 515 megawatts (MW) of operating wind farms and a further 156 MW of wind farms under construction.
As part of the transaction, Babcock & Brown has also sold Magnum certain Portuguese wind energy service companies. The sale is effective immediately and settlement has occurred.
Babcock & Brown said it will use proceeds of approximately US$185 million from the sale to pay down project debt secured against European wind assets.
Antonino Lo Bianco, Head of Infrastructure for the EMEA region at Babcock & Brown said, "We are pleased to be announcing the sale of this portfolio."
Babcock & Brown has retained ownership of other wind interests in Portugal, which include 123 MW of projects under construction, 38 MW of projects under development and its interest in the Ventinveste wind tender consortium.
Babcock & Brown said it will continue to develop and construct these assets and will look to sell them at an appropriate time.
Negotiations on the sale of Babcock & Brown wind energy assets in France, Greece and Germany remain ongoing the company said. The portfolios include ownership of 550 MW of projects under development in France, Germany and Greece and a total of 239MW in operation or under construction across these countries.
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