Infigen Energy (ASX:IFN) has agreed to sell its portfolio of German wind assets to a European renewable energy fund for an enterprise value of 154.6 million euros, or $210 million.
The sale still requires approval from German regulators, but the company says the proceeds will be used to pay-off debt under its global debt facilities.
Meanwhile, the renewable energy company says it achieved a milestone last week when it successfully generated enough electricity out of a wind turbine at Woodlawn Wind Farm, near Canberra, to power 23,000 homes.
The company’s managing director, Miles George, says the wind farm will aid Australia’s transition to a low-carbon economy.
The announcements come three months after media reports that the company was battling to retain investor confidence. In March, analysts said the company was facing high maintenance costs as wind turbine warranties expired.
In the second half of last year, Infigen Energy (ASX:IFN) reported a loss of $34.4 million.
