Iberdrola out of Chile with hydroelectric power sale

Iberdrola Logo

Spanish utility Iberdrola has completed its exit from the Chilean energy market, having sold its majority stake in hydropower project operator Empresa Electrica Lican (EEL) as part of a divestment strategy.

HydroWorld.com reported that Iberdrola attempted to sell its 55% share in EEL to Chilean utility Compania General de Electricidad S.A. (CGE) in June 2009, though CGE canceled the US$16 million deal in September of that year due to disagreements in the sales terms.

Iberdrola's shares now belong to holding company Inversiones Candelaria (ICL), which already controlled 45% of EEL. The deal was reported to be worth $55 million.

EEL owns and operates an 18 MW hydropower project in Chile's Region XIV that has been in operation since 2011.

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