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Thu04242014

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Europe

Iberdrola sells wind farms in France for $463 million

An international consortium is buying 32 wind farms in France from Iberdrola.

GE Energy Financial Services, asset manager MEAG and EDF Energies Nouvelles are purchasing this portfolio of onshore wind farms for around €350 million ($463.2 million), plus an earn-out of €50 million ($66.31 million), depending on production over the next five years.

The farms, which are spread throughout France, were commissioned in 2006 to 2013. They have a combined capacity of 321.4 megawatts and are providing electricity to the French grid through long-term contracts under France’s feed-in tariff.

Upon completion of the transaction, which is subjected to regularity approval, GE Energy and MEAG will have 40 percent ownership apiece of the total portfolio, while EDF Energies Nouvelles will have 20 percent.

EDF Energies Nouvelles will also be providing asset management ,as well as operation and maintenance services for the acquired wind farms.

Each member of the consortium stated that the transaction is consistent with their renewable energy investment. They also have plans to re-power some of the wind farms using GE technology to improve their efficiency and reliability.

Iberdrola’s sales of these assets are in line with the outlook the company presented last October for 2012 to 2014. Iberdrola announced that it is divesting assets in non-core businesses and markets to the tune of around 2 billion euros.

So far, the company has sold a total of around €850 million ($1.12 billion) in non-core assets, including seven other operating wind farms which are located in Germany. – EcoSeed Staff



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