EDP Renováveis SA has completed the sale of its ownership of a 997-MW onshore wind portfolio in Europe to JP Morgan Asset Management-advised institutional investors.

The asset rotation deal, valued at approximately €800 million, covers the sale of the company's entire equity stakes and outstanding shareholder loans in 388 MW of wind farms in France, 348 MW in Spain, 191 MW in Portugal and 71 MW in Belgium.

EDP - Energias de Portugal SA's wind power subsidiary also signed a master services agreement to operate and maintain the portfolio.

Based on the transaction price and outstanding external net debt, the enterprise value for 100% of the assets totals about €1.6 billion. The sale is part of EDPR's asset rotation program for the 2019-2022 period to finance further growth in the coming years.