ACCIONA Energía has finalised the sale of a 361MW portfolio of operational wind farms in Spain to Galp New Energies in a deal valued at €432m ($491.2m).

The transaction, which covered assets with no financial debt, was signed and closed simultaneously, with all proceeds received at closing.

The portfolio comprises 15 wind farms in the provinces of Ciudad Real, Guadalajara, Navarra, Palencia, Seville and Zaragoza.

The wind assets have an average operating age of 21 years, with an average commercial operation date of 2005.

They are expected to generate around 800GW-hours of electricity annually and currently operate on a merchant basis.

According to Galp, the transaction supports its strategy to evaluate partnership opportunities and alternative financing structures, while retaining flexibility in its engagement with the Iberian power market.

After the acquisition, Galp’s installed renewable capacity will increase to 2.7GW, generating around 5TW-hours of electricity per year. Wind power will account for approximately 30% of the total.

ACCIONA Energía said the transaction is expected to generate a capital gain of roughly €255m and is part of its ongoing selective asset rotation strategy.

This approach aims to maximise project value, optimise capital allocation and reinforce the company’s financial position.

The company also noted that since 2024, it has signed agreements to sell more than 3GW of renewable capacity across Costa Rica, Mexico, Peru, South Africa, Spain and the US, totalling €3.7bn.

BNP Paribas provided financial advice to ACCIONA Energía, while Baker McKenzie served as its legal adviser.

In February this year, ACCIONA Energía completed the repowering of its Tahivilla wind farm in Tarifa, Spain.