Enel Green Power Brasil Participações (EGP Brazil) has signed agreements to sell its three fully operational renewable plants to China’s CGN Energy International Holdings (CGNEI) for approximately €700m.

The sale is said to be in line with the company’s 2019-21 strategic plan and seeks to increase and speed up value creation.

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Following completion of the sale, the three assets will be operated and maintained by Enel.

With a total combined capacity of 540MW, the three renewable assets include Nova Olinda (292MW), Lapa (158MW), and the 90MW Cristalândia windfarm.

Enel Green Power head Antonio Cammisecra said: “With the sale of these assets, we are capturing value for further growth in Brazil, where we are implementing a large pipeline of renewable projects.

“With the sale of these assets, we are capturing value for further growth in Brazil, where we are implementing a large pipeline of renewable projects.”

“We remain focused on the opportunities offered by the Brazilian renewable market and we are continuing to invest in the country where Enel Green Power will play an active role by carrying out new projects and managing the fleet of operating plants.”

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Completion of the deal is subject to approval by Brazilian antitrust authorities as well as certain conditions. It is expected to take place by the first quarter of this year.

The company noted that all the three plants have long-term power purchase agreements (PPAs).

Lapa and Nova Olinda plants have 20-year contracts for the supply of specified volumes of energy to the Brazilian Chamber of Commercialisation of Electric Energy.

On the other hand, Cristalândia has 20-year PPAs with Brazilian electricity distribution companies.