Vestas has entered into an agreement to sell 80% of its shares in the subsidiaries owning the Romanian wind power plants Pantelimon, Pegasus, and Apollo to a non-disclosed buyer for a selling price of EUR 136 m, the Danish manufacturer of wind turbines has said in a press release.
Three wind power plants have 160 MW of installed capacity.
Closing of the transaction is expected to take place within eight to ten weeks, Vestas said, adding that the transaction is subject to certain closing conditions, including approval by the Romanian Competition Council.
The sale of projects are expected to be recognized as revenue and earnings within the fiscal year of 2019.
Romania has a total wind power capacity of 3 GW.
Vestas designs, manufactures, installs, and services wind turbines across the globe. According to company’s website, so far it has installed 105 GW of wind turbines in 80 countries.