Iberdrola has reached an agreement with two Polish companies to sell its wind power assets in Poland as part of plans to divest non-core business activities.
The Spanish firm is to sell its share in Iberdrola Renewables Polska to Energa Hydro and PGE Polska Grupa Energetyczna (PGE) for approximately €203 million.
Iberdrola Renewables Polska is 75 per cent owned by Iberdrola and owns five operating wind farms in Poland with a combined total installed capacity of 184.5 MW and also has other projects in a development pipeline.
The European Bank for Reconstruction and Development (EBRD) owns the remaining 25 per cent of the company.
Iberdrola is aiming to sell €2 billion worth of non-core assets by the end of 2014 as part of a plan to reduce debt. This latest deal takes assets sales so far under this plan to €1.1 billion.
Other recent asset sales include 32 operating wind farms in France to EDF Energies Nouvelles, MEAG, ERGO and GE Energy Financial Services, and seven operating wind farms in Germany to MVV Energie AG.
