Iberdrola to offload 245-MW wind portfolio in Italy

Spanish energy group Iberdrola SA (BME:IBE) said on Tuesday it has sealed a deal to sell Italian units SER SpA and SER 1 SpA along with the 245-MW wind portfolio they own.

The buyer of the Italian operations is CEF 3 Wind Energy SpA, which will pay a total of EUR 193.7 million (USD 217.3m) in cash in three phases and assume EUR 222.3 million worth of debt as of end-2015.

Iberdrola explained that it has decided to shed those assets in Italy as it plans to concentrate activity and investments in the UK, the US, Mexico, Brazil and Spain. Between 2016 and 2020 the company intends to spend EUR 7.9 billion on renewables, including EUR 4.23 billion on onshore wind projects and EUR 3.46 billion on offshore wind technology.

The Italian portfolio being sold includes five operating wind farms -- Lago Arancio, Rocca Ficuzza, Nebrodi and Alcantara, in Sicily, and S Agata, in the province of Foggia. All of them were commissioned in the period 2009-2011.

(EUR 1.0 = USD 1.122)

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