Iberdrola has reached an agreement with the Polish companies Energa Hydro (subsidiary of Energa) and PGE Polska Grupa Energetyczna (PGE) for the sale of all its wind power assets in Poland, grouped by Iberdrola Renewables Polska where it holds 75% of the capital, for approximately €203m (PLN840m). The holding company, whose remaining 25% equity is held by the European Bank for Reconstruction and Development (EBRD), owns five operating wind farms in Poland with a total 184.5 MW installed capacity plus a wind project pipeline also in Poland.
This transaction, subject to the applicable approvals, is in line with Iberdrola’s outlook for 2012-14, which contemplates divesting assets in non-core businesses and markets, for approximately €2bn in the three-year period, to strengthen the Group’s balance sheet.
This announcement follows DONG Energy's sale of its wind assets in Poland to PGE and Energa for €240m earlier in February 2013.
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