According to the company, it previously identified its French assets as non-core to the future direction of the business. The net sale proceeds of approximately EUR10m after debt repayment and transaction-related costs will be used to further strengthen Infigen Energy’s capacity to deliver its Australian development pipeline.

The sale will result in an estimated accounting loss of approximately EUR2.9m before transaction-related costs. The sale is not subject to regulatory approvals, and was signed and settled simultaneously, the company said.

Miles George, managing director of Infigen Energy, said: “The sale of Infigen’s French business will provide additional cash for equity investment in our Australian wind farm development pipeline and is consistent with redirecting our future focus to the Australian renewable energy market which is poised for strong growth over the next ten years.

“Infigen has a high quality Australian development pipeline, proven capabilities in project delivery, and further strengthened financial capacity to participate in that growth.”

Infigen Energy is a renewable energy business, which owns and operates wind farms in Australia, US and Germany. The company’s business comprises interests in 35 wind farms that have a total capacity of approximately 2,194MW and are diversified by wind resource, currency, equipment supplier, off-take arrangements and regulatory regime.