Italy’s biggest power company Enel (BIT:ENEI) Spa said on Thursday it will sell its Romanian operations to Greece’s Public Power Corp (PPC) for 1,260 million euros ($1,330 million) as part of its plan to reduce debt and focus on clean energy. Including debt, the transaction is valued at 1,900 million euros, Enel said in a statement, adding that the deal would be accretive to consolidated net debt of around 1,700 million euros.

In November, Enel unveiled an updated strategy that said it plans to sell 21,000 million euros worth of assets to reduce its debt to 51,000-52,000 million euros by the end of this year.

“Given the current action in Romania, we continue to implement the withdrawal plan announced during the presentation of Enel’s strategic plan for 2023-2025,” said Enel CEO Francesco Starace. Enel’s deal with PPC is expected to close in the third quarter of this year.