Global investment firm Babcock & Brown on Monday announced that it has sold off wind assets to Magnum Capital for $1.46 billion.

The portfolio includes 515 mega watts of operating windfarms in Portugal and an additional 156 mega watts of wind farms under construction. The sale, effective immediately, will go toward paying off debt.

“We are pleased to be announcing the sale of this portfolio,” Babcock & Brown's Antonino Lo Bianco said in a statement.

Babcock & Brown  in February announced plans to sell its wind assets, and the recent sales come at a perilous time for the firm. 

Amid tumbling stock prices earlier this year, Babcock & Brown sold off its windassets in Spain.The company is also currently in talks to sell off its wind energy assets in France, Greece, and Germany, and plans to sell off its remaining wind energy assets in Portugal at a later date.

Despite Babcock & Brown's  financial woes, in September it started construction on a 79.5 mega watt wind farm in Texas.