ACS SA subsidiary ACS Servicios Comunicaciones y Energía S.L. reached an initial sale agreement with an undisclosed buyer for its 3-GW solar photovoltaic portfolio in Spain.

The projects include those that are currently in operation and those that are expected to be developed and put into operation within the next three years, according to a Jan. 3 release.

The deal is valued at about €2.2 billion, ACS said, with a current equity value of about €750 million.

The company expects the sale to complete by the end of January, but said €250 million of net profit can be recorded in advance in its income statement for the year ended Dec. 31, 2019.