- Published: 16 October 2018 16 October 2018
Iberdrola, through its subsidiary ScottishPower, has agreed to sell its traditional generation assets in the United Kingdom to Drax Smart Generation, a subsidiary of the Drax Group for GBP 702 million.
Thus, the company becomes the first 100% renewable integrated energy business in the UK, as it disposes of 2,554MW of traditional generation power, which includes mainly combined cycle gas plants. In recent years the company completed closure of the last coal-fired power plants in the country. The company already has 2,700MW of wind power capacity (installed or under construction), as well as a project pipeline in excess of 3,000 MW, of which 2,900 MW in offshore wind. This divestment in the traditional generation business in the UK is part of the € 3 billion euro asset rotation plan that Iberdrola announced last February, when it presented its Strategic Perspectives for 2018-2022.