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Dublin, Ireland-headquartered Airtricity, a renewable energy company, has entered a definitive agreement to sell its North American business unit, Airtricity North America, to E.ON AG for a purchase price equal to approximately $1.4 billion.

According to Airtricity, the transaction is the culmination of a process commenced by the company in May to examine strategic and financing alternatives for its North American business unit. The company says the proceeds of the sale will support the ongoing development of Airtricity's European business.

Airtricity North America has more than 80 employees and maintains offices in Chicago, Austin and Toronto. The company operates wind farms with about 210 MW of installed capacity and has an additional 880 MW of projects expected to be operational by the end of next year. In addition, to support long-term growth across the U.S. and Canada, the company says it has more than 1,000 MW of projects in an advanced development stage and more than 5,000 MW in an early development stage.

The transaction is subject to customary closing conditions, including certain federal and state regulatory approvals and clearance. The transaction is expected to close by the end of the year.

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