Spanish electric utility Iberdrola SA (BME:IBE) has hired Barclays Plc (LON:BARC) to help it land a minority investor in some 1,200 MW of wind and solar power assets in Spain, Spanish business news outlet Expansion reported on Monday citing unidentified market sources.
The investment bank is meant to act as a financial advisor as Iberdrola looks to unload a 49% stake in the portfolio to green energy-focused sovereign and infrastructure funds and insurance companies. According to Expansion, the utility is in search of a passive partner that would not interfere in its management, but would contribute funds to speed up the project development.
In the portfolio are 200 MW of operating solar farms, while the rest are projects in development -- 80% of them solar PV, and 20% wind power, the report states.
Expansion said its sources estimate the portfolio could be worth EUR 500 million (USD 484.4m). Iberdrola, which declined to comment on the news report, would use the funds to continue developing new projects, sources for the outlet said.
News on the potential transaction comes just as Iberdrola arranged to sell 49% in its 350-MW Wikinger offshore wind farm in Germany to Swiss infrastructure investor Energy Infrastructure Partners (EIP).
(EUR 1.0 = USD 0.969)
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