April 26 (Renewables Now) - Looking to sell its renewables business since last year, controlling family Riberas has now decided to split Gestamp Wind into market assets and has already started negotiations for two of them, Spanish business daily Expansion reports.
Owners Francisco and Jon Riberas announced their intention to sell the business by the end of this year in an interview with Expansion published in October 2016.
Gestamp Wind could be valued at as much as EUR 2 billion (USD 2.2bn), including debt, as its wind portfolio comprises over 1 GW of assets under management or projects at different stages of development. It operates in nine markets - Spain, Poland, Romania, Belgium, Brazil, USA, Mexico, Turkey and South Africa. The bulk of the operations are located in Spain, Brazil and the USA.
The wind power divestment process is managed by Bank of America. It is part of a broader business restructuring which already saw Gestamp sell 80% of its photovoltaic (PV) business to US investor KKR & Co LP (NYSE:KKR) in February 2016.
(EUR 1.0 = USD 1.090)