Iberdrola to sell 184.5MW wind power assets in Poland for EUR203m
Spanish multinational electric utility Iberdrola plans to offload its entire Polish wind power portfolio for approximately €203m.
The utility's assets in Poland include five operating wind farms with a total installed capacity of 184.5MW as well as an upcoming project.
Iberdrola entered into an agreement with Polish companies - Energa Hydro and PGE Polska Grupa Energetyczna - for the sale of the assets wherein it holds a 75% stake through Iberdrola Renewables Polska.
The remaining 25% equity in the holding company is held by the European Bank for Reconstruction and Development (EBRD)
Divesture of the assets is in line with the company's outlook for 2012-14 that outlined disinvestments from non-core businesses and markets.
Since the beginning of 2012, the company has divested non-core assets valued at over €1,100m and includes 32 operating onshore wind farms in France and seven in Germany.
Iberdrola is expected to continue its retreat in the coming months to reinforcing the Group's financial strength, by reducing debt, improving financial ratios and maintaining its credit rating.