By Nathan Allen

EDP-Energias de Portugal SA (EDP.LB) has agreed to sell its stake in a portfolio of European wind farms for around 800 million euros ($898.7 million) to a consortium of institutional investors.

The portfolio includes assets in France, Spain, Portugal and Belgium with a combined installed capacity of 997 megawatts.

EDP holds around 51% in most of the assets via its renewable-energy subsidiary EDP Renovaveis SA (EDPR.LB), giving the portfolio an implied enterprise value of EUR1.6 billion, the company said Tuesday.

The Portuguese company has been selling off stakes in renewables projects recently, while continuing to provide operation and maintenance services as a means of recycling capital and bolstering its balance sheet.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 24, 2019 03:14 ET (07:14 GMT)

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