Under the agreement, Iberdrola sells renewable assets in Italy, including 100% in SER S.P.A. and 4% in SER 1 S.P.A, to CEF 3 Wind Energy S.P.A. The transaction means divesting five onshore wind farms with total installed capacity of 245MW and the operation is valued at € 193.7 million.
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 €222.3 million. 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. Of the €24 billion that Iberdrola plans to invest between 2016-2020, €7.9 billion will be dedicated to the renewables business. Of that amount, €4.23 billion will go to onshore wind projects and €3.46 billion to offshore wind technology.