Specialised infrastructure fund manager Babcock & Brown has announced that it has sold a portfolio of wind farms in Portugal to a consortium of investors led by Magnum Capital for an enterprise value of approximately EUR1.15bn.

The portfolio comprises approximately 515 megawatts of operating wind farms and a further 156 megawatts of wind farms under construction.

As part of the transaction and consideration, Babcock & Brown has also sold Magnum certain Portuguese wind energy service companies.

The sale is effective immediately and settlement has occurred.

The portfolio is owned in a 50/50 joint venture with Babcock & Brown Wind Partners.

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

Babcock & Brown will continue to develop and construct these assets and will look to sell them at an appropriate time.

Negotiations on the sale of Babcock & Brown wind energy assets in France, Greece and Germany remain ongoing.

Antonino Lo Bianco, head of infrastructure for the EMEA region at Babcock & Brown says: 'We are pleased to be announcing the sale of this portfolio which has been successfully achieved notwithstanding the current unprecedented business environment and the significant constraints on capital globally. We believe we have clearly demonstrated that the quality of the B&B Group's wind energy portfolio has fully maintained its value even in the current market. Renewable energy assets, and wind energy in particular, will remain an attractive asset class for investment.'