Energias de Portugal (EDP.LS) said on Friday that its renewables unit EDP Renovaveis (EDPR.LS) would buy back a 49% stake in its former wind portfolios in Portugal, Poland and Italy from two ACE funds sponsored by Chinese utility China Three Gorges.

The total price of the portfolios as of June 2023 was 570 million euros ($631.22 million), implying a total enterprise value of about 1.2 billion euros.

The portfolios have a total gross operating capacity of 970 megawatts (MW) of wind power, of which 422 MW are in Portugal, 418 MW in Poland and 130 MW in Italy.

ACE Funds acquired the 49% stake from EDPR between 2016 and 2017.

In a separate statement, EDP said it would sell its Asian consultancy firm Energia Asia Consultoria to China Three Gorges for about 100 million euros.

Energia Asia is a 50-50 joint venture owned by EDP and ACE Asia.

Its sole asset is a 21.2% stake in Companhia de Electricidade de Macau (CEM), the exclusive concessionaire for the transmission, distribution and supply of electricity in Macau since 1985, EDP said.