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Enel completes sale of 540-MW Brazilian renewable portfolio to Chinese company

Enel Green Power Brasil Participações Ltda. has completed the sale of three renewable projects with total capacity of 540 MW in Brazil to Chinese company CGN Energy International Holdings Co. Ltd.

Under the deal, the Enel SpA subsidiary sold the 292-MW Nova Olinda and 158-MW Lapa solar facilities and the 90-MW Cristalândia wind farm for about 2.9 billion Brazilian reais, or about €660 million, according to a May 31 release.

The two solar facilities hold 20-year supply contracts with the Brazilian Chamber of Commercialisation of Electric Energy. Cristalândia has a 20-year power contract with several electricity distribution companies.

Nova Olinda is in Ribeira do Piauí, Lapa is in Bom Jesus da Lapa and Cristalândia is in the municipalities of Brumado, Rio de Contas and Dom Basilio.

The deal is in line with the company's 2019-to-2021 strategy to boost value by rotating assets to invest in new projects.

As of May 30, US$1 was equivalent to 3.96 Brazilian reais.