North American Windpower: Iberdrola Sells Off Polish Wind Energy Assets

Iberdrola Sells Off Polish Wind Energy Assets

by NAW Staff Tuesday February 26 2013

Iberdrola says it has reached an agreement to sell all of its wind power assets in Poland to Polish energy companies Energa Hydro (a subsidiary of Energa) and Polska Grupa Energetyczna (PGE) for approximately 203 million euros.

The sale comes just a week after Denmark-based DONG Energy sold its Polish wind energy business to Energa and PGE.

Iberdrola's Polish wind energy assets are grouped by Iberdrola Renewables Polska, which holds 75% of the capital. The holding company, whose remaining 25% equity is held by the European Bank for Reconstruction and Development, owns five operating wind farms in Poland with a total of 184.5 MW of installed capacity, plus a wind project pipeline also in Poland.

This transaction, which is subject to the applicable approvals, is part of Iberdrola’s plan to divest approximately 2 billion euros’ worth of non-core businesses and markets over the period between 2012 and 2014.

The company has sold approximately 1.1 billion euros’ worth of non-core assets since the beginning of 2012, including the recently announced sale of 32 operating onshore wind farms in France to EDF Energies Nouvelles, MEAG, ERGO and GE Energy Financial Services, as well as its seven operating wind farms in Germany to MVV Energie AG, through its subsidiary MVV Windenergie GmbH.

Previous transactions include the sale of U.S.-based companies The Energy Network (owner of Hartford Steam) to Energetix and NYSEG Solutions to Direct Energy; all its gas distribution assets in Spain (Madrid, Murcia and Valencia); its 13.25% stake in Gas Natural Mexico; most of its shares in telecommunications operator Euskaltel, where it still holds a 2% stake; and the sale of GH Electrotermia.

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