Spain-based Acciona has entered into a deal to exit the German wind power market, selling 18 wind farms located in the country to Swisspower Renewables AG for $215 million. Acciona said the transaction is part of an action plan designed by the company to offset the effects of regulatory changes in Spain.
Spain recently implemented a tax of 7 percent on renewable energy production. The tax is part of Spain's energy reform, which has a goal of generating money by taxing renewable power sources to pay off the country's debt, according to a Reuters report released in August. Spain itself has nearly $35.6 billion in debt and imports over 80 percent of its energy, which consumes 4.5 percent of gross domestic product a year.
Acciona's wind farms, located in Lower Saxony and Brandenburg, are wholly owned by the company and have a total capacity of 150.3 megawatts.
An announcement concerning the deal on the company's website said the effectiveness of the transaction was not subject to any precedent condition and closing was expected to take place on January 23, 2014.