By Giulia Petroni

EDP-Energias de Portugal SA said Monday that it would sell the full equity shareholding and outstanding shareholder loans of its subsidiary EDP Renovaveis S/A in a wind portfolio to the Finerge Group for a consideration of about 426 million euros ($502 million).

The Portuguese energy company said the 242-megawatt onshore portfolio includes seven wind farms in Avila and Catalonia, Spain, and has been in operation for nine years on average.

The transaction, whose total enterprise value amounts to EUR507 million, is expected to be completed in the fourth quarter, according to EDP, and is subject to conditions.

The company said the deal is part of an asset rotation program for the 2019-2022 period.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

August 10, 2020 13:14 ET (17:14 GMT)

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