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Portuguese wind farms sold for €1.15bn

Portugal’s largest wind farm business has been sold to a consortium led by private equity group Magnum Capital for €1.15bn.

The portfolio, which has been sold by Babcock & Brown, comprises around 515MW of operating wind farms and a further 156MW of wind farms under construction.

According to the press release, Babcock & Brown has retained ownership of its other wind interests in Portugal, which include 123MW of projects under construction, 38MW of projects under development and its interest in the Ventinveste wind tender consortium.

Babcock & Brown is also in ongoing negotiations over the sale of its wind power assets in France, Greece and Germany.

Michael Larkin, CEO of Babcock & Brown said:

“Babcock & Brown remains committed to reducing its corporate level gearing through an orderly asset sale process. There remains no specific time frame on the reduction of gearing levels and we will continue to seek to maximise returns from the asset sale process.”

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