MILAN (Reuters) – A Macquarie-run infrastructure fund managing the Renvico wind farm portfolio in Italy and France has started a process to sell the company which could be worth around 400 million euros ($450 million), four sources familiar with the matter said.

The fund, advised by Rothschild, has sent out teasers and information memoranda will follow at the end of the month, two of the sources said.

Non-binding bids are expected by the end of May, one source said, but another said no time-frame had yet been set.

“The equity value of the deal is around 150 million euros,” a source said.

Macquarie and Rothschild declined to comment.

Renvico, founded in 2015 when Macquarie bought the green energy business of Italy’s Sorgenia Group, manages wind