By Nathan Allen

Enel SpA (ENEL.MI) said Thursday that it has agreed to sell its majority stake in two wind farms to U.S. investment fund Gulf Pacific Power LLC for about $233 million.

The Italian utility company said it will sell an 80% stake in its subsidiary that owns the 200-megawatt Caney River and 150-megawatt Rocky Ridge wind farms. Enel added that it will continue to manage, operate and perform maintenance at the two sites.

The sale is in line with Enel's renewable-energy strategy and will allow it to restructure the wind farms' combined $140 million debt, the company said.

Enel expects the deal to close by the end of 2017.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 30, 2017 10:18 ET (15:18 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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