EDPR Renováveis, of Portuguese group EDP – Energias de Portugal, has concluded the sale of its shareholding in an onshore wind energy project in Brazil, to a subsidiary of the Actis group for 598 million reais (US$137.7 million), according to a market statement.

The statement issued by the Portuguese Securities Market Commission (CMVM) also said that the Babilónia wind farm is located in the state of Bahia, and has been in operation since the fourth quarter of 2018.

The project, wholly owned by EDPR Renováveis, in the Reserve Energy Auction (LER) in 2015 secured a power purchase agreement for 20 years.

The announced sale is part of the strategy of rotation of assets, i.e., the sale of shareholdings in renewable projects that are operational or in development, which allows EDP to accelerate value creation and recycle capital to reinvest in additional growth.

Actis is an investment company in private funds in emerging markets, energy, infrastructure and real estate assets that has a portfolio with an estimated value of US$7.6 billion.