31 Dec '12, 11am

Iberdrola sells French renewable assets for €400m: Spanish utility Iberdrola has agreed to sell its French renew...

Iberdrola sells French renewable assets for €400m 31 Dec 2012 Spanish utility Iberdrola has agreed to sell its French renewable energy unit for up to €400m, to a group of investors led by General Electric (GE). Under terms of the transaction, Iberdrola will sell 100 per cent of the division’s shares for €350m, with an additional payment of up to €50m coming if certain conditions are met. GE and MEAG , an asset manager owned by Munich Re and ERGO , will each purchase 40 per cent of the subsidiary, with EDF acquiring the remainder. Assets to be transferred consist of 32 onshore wind plants, with a generating capacity of 321.4MW. The deal does not include offshore facilities or a portfolio of wind farms currently under development, with these assets to be transferred to a different Iberdrola unit prior to the transaction closing. Copyright © 2012 NewNet Tags: onshore wind , w...

Full article: http://www.newenergyworldnetwork.com/investor-news/renewa...

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