Italy: Iberdrola announces sale of wind assets for €193.7 million

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 245 megawatts (MW) 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 €193.7 million and cash payment will be structured in three phases: €1 million already received, €84 million payable in November and €108.7 million 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 €222.3 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.

Within this strategy, the company maintains a strong commitment to clean energy. Of the €24 billion that Iberdrola plans to invest between 2016-2020, €7.9 billion (or 33% of total) 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, pioneered by Iberdrola. 75% of tne new facilities are being built while the remaining 25% are at advanced development stages.