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Vestas to divest 80% stake in Romanian wind projects

Vestas Wind Systems A/S announced that it will sell 80% of its shares in three wind farms in Romania for approximately €136 million.

An unnamed buyer will acquire majority stakes in the three projects, known as Pantelimon, Pegasus, and Apollo.

The deal is expected to close within eight to 10 weeks, subject to certain closing conditions, including approval by the Romanian Competition Council.

The sale of projects is expected to be recognized as revenue and earnings within the fiscal year of 2019. Vestas maintains its guidance for 2019, according to an Aug. 29 release.