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Iberdrola sells wind assets in Italy for €193.7m

CTBR Staff Writer Published 16 June 2016

Iberdrola has informed the Comisión Nacional del Mercado de Valores (CNMV), Spain’s stock exchange commission, of the sale of wind energy assets in Italy, grouped in the companies SER S.P.A. -100%- and SER 1 S.P.A. -4%- (with the remaining 96% belonging to the former).

Under the agreement, Iberdrola sells to CEF 3 Wind Energy S.P.A. five wind farms, with 245MW total installed capacity, namely Lago Arancio, Rocca Ficuzza, Nebrodi and Alcántara, in Sicily, and S. Agata, in the province of Foggia.

All of the facilities were commissioned between 2009 and 2011.

The operation is valued at €193.7m and cash payment will be structured in three phases: €1m already received, €84m payable in November and €108.7m to be paid by 31st May 2017.

CEF 3 Wind Energy S.P.A. will also take over the debt owned by SER S.P.A. and SER 1 S.P.A., which at the close of 2015 amounted to €222.3m.

Iberdrola's decision to divest these Italian assets responds to the company's strategy of focusing activity and investments in the United Kingdom, United States, Mexico, Brazil and Spain.

Within this strategy, the company maintains a strong commitment to clean energy. Of the €24bn that Iberdrola plans to invest between 2016-2020, €7.9bn (or 33% of total) will be dedicated to the renewables business.

Of that amount, €4.23bn will go to onshore wind projects and €3.46bn to offshore wind technology, pioneered by Iberdrola. 75% of tne new facilities are being built while the remaining 25% are at advanced development stages.

Source: Company Press Release