Portuguese utility EDP Renováveis (EDPR) has agreed to buy back 49% of a near-1GW wind portfolio from funds managed by Chinese state-owned power company China Three Gorges.
It will pay €570 million for the stake in the portfolio, which includes projects in Portugal, Poland and Italy.
Funds owned by China Three Gorges had acquired these 49% stakes from EDPR between 2016 and 2017.
The transaction for EDPR to buy back the stakes is subject to regulatory approval.
EDPR stated that the transaction will simplify the ownership structure of the projects, provide immediate cash flow and earnings, and increase the potential for developing hybrid projects and repowering.
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