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BUCHAREST (Romania), August 29 (SeeNews) - Danish wind turbine manufacturer Vestas said it has entered into an agreement to sell 80% of its shares in the subsidiaries owning the Romanian wind power plants Pantelimon, Pegasus, and Apollo to a non-disclosed buyer for 136 million euro ($151 million).
Closing of the transaction is expected to take place within eight to ten weeks, Vestas said in a press release on Wednesday.
The transaction is subject to certain closing conditions, including approval by the Romanian Competition Council.
The sale is expected to be recognised as revenue and earnings within the fiscal year 2019.
Vestas designs, manufactures, installs, and services wind turbines across the globe. It currently has over 86 GW of wind turbines under service in more than 80 countries and employs 24,500 globally.
The company entered the Romanian market in 2008.