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1/2/13 | Iberdrola

Iberdrola sells 32 wind farms in France

IBERDROLA has reached an agreement with the consortium made up of EDF Energies Nouvelles (20%), MEAG, an asset management subsidiary of Munich RE and ERGO (40%), and GE Energy Financial Services (40%) for the sale of 32 land-based wind farms in France with an installed power capacity of 321.4 megawatts (MW).


The amount of the transactions is €350 million, with an additional €50 million that could come in depending on the wind conditions of the transferred facilities.


The company has already made divestments this year of non-strategic assets valued at nearly €850 million. These transactions included the recent sale of the stake in the seven land-based wind farms that the company operated in Germany to MVV Energie AG, through its subsidiary MVV Windenergie GmbH, and the sale of its 20% stake in Medgaz to Belgian gas company Fluxys.


The company expects to continue divesting in the coming months to reinforce its financial solidity, which means reducing its debt, improving financial ratios and maintaining its rating.


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