Iberdrola Generación has entered into an agreement to sell its 25% stake in Bahía Bizkaia Electricidad (BBE) to BP Global Investments, owner of 50% of the company until now. The estimated value of the transaction amounts to €111m but the final figure will depend on possible adjustments to the price, a regular practice in this type of operations. BBE runs a 785 MW CCGT power plant located in Bilbao’s Outer Harbour. The plant is stationed beside the Bahía Bizkaia Gas (BBG) regasification plant, in which Iberdrola also held a 25% stake, sold to RREEF Infrastructure in 2009. After its divestment in BBE, Iberdrola still operates 400 MW thermal power capacity in the Basque country, corresponding to the Santurce CCGT power plant.
This operation is part of Iberdrola's disinvestment plan to enhance the Group's strong financial position. According to its 2014-2016 Outlook, Iberdrola plans to complete divestments in non-core assets and non-strategic countries to the value of €2.5bn in the 2012-2016 period, of which over €2bn have been announced thus far. In the first half of 2014, Iberdrola agreed to sell its 22.6% stake in the Brazilian company Itapebi Geração de Energia to Termopernambuco, a firm 100% owned by Neoenergia. This operation means that Iberdrola now indirectly controls 30% of Itapebi Geração de Energia. The company has also closed a deal on the transfer of its 6.6% stake in the capital of Portuguese firm EDP - Energias de Portugal.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.