Denmark-based renewable energy developer DONG Energy has agreed to sell its Polish onshore wind business to two Polish utilities - PGE and Energa.
The company signed an agreement with the utilities to divest the wind assets for a total price of DKK1.8bn ($319m).
DONG Energy’s Polish onshore wind business operates three wind farms with a total installed capacity of 111.5MW along with a development portfolio of over 700MW.
Additionally, the business includes a Polish organization that PGE and Energa will control of in the future.
DONG Energy CEO Henrik Poulsen noted that the divestment is part of the company’s strategy to sell assets worth DKK10bn in 2013 and 2014.
"We will thereby release capital to support our investments in, for example, offshore wind, where DONG Energy has a strong market position," Poulsen added.
Henrik Poulsen reiterated that the investment in the Polish onshore wind sector was a sound business for the company; Dong Energy will focus on development, construction and operation of offshore wind farms in the future.
The transaction is expected to close later this year following approvals from the competition authority.