Iberdrola divests French wind power business

Spain’s largest power utility, Iberdrola SA (BMAD:IBE), has sold its French renewable energy business unit in a deal valued at EUR350m ($462m).

A further payment of EUR50m may be made, although Iberdrola did not release any details.

Earlier this month, Iberdrola’s chairman Ignacio Sanchez Galan confirmed he was negotiating sales of French, German and Polish wind farms. The sale of its German wind assets was subsequently announced.

The latest sale means Iberdrola has divested about EUR850m of assets in 2012 as part of a plan to sell EUR2bn worth by the end of 2014 to strengthen its balance sheet.

The business unit that Iberdrola is selling directly or indirectly owns 32 wind farms, with a total of 321 MW of capacity, according to the filing.

Meag Munich Ergo Asset Management GmbH, an asset manager for Munich Re and Ergo, has acquired 40 percent of the French wind farms through MR Rent-Investment GmbH, a Munich Re unit.

While GE took 40 per cent through Guayama PR Holdings BV with EDF’s renewables unit taking the remaining 20 per cent.

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