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Iberdrola has reached an agreement with a consortium of EDF Energies Nouvelles (20%), MEAG, asset manager of Munich Re and ERGO (40%), and GE Energy Financial Services (40%), a unit of GE, for the sale of 32 operating onshore wind farms in France totaling 321.4MW.

The transaction, subject to regulatory approvals, among other details not disclosed, is valued at € 350 million, plus an additional € 50 million depending on wind resources at the wind farms. The wind farms are spread throughout France, use a variety of manufacturers’ turbines, and went into operation from 2006-2012, with long-term contracts to sell the electricity under the French feed-in tariff. This transaction is in line with IBERDROLA’s outlook for 2012-14 which contemplates divesting assets in non-core businesses and markets, for approximately € 2 billion, to strengthen its balance sheet. Iberdrola will continue its divestment programme in the coming months with the goal of reinforcing its financial strength.
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