Iberdrola (BMAD: IBE) has come closer to completing a $2.6bn plan to reduce debt, following the sale of its Polish units to PGE and Energa, in a deal worth $265m.

It is part of a plan by the Spanish company to sell off non-core assets and so far they have succeeded in generating $1.4bn in asset sales.
Iberdrola turbine
The company operates five wind farms in Poland holding 184.5 MW of installed capacity.

Iberdrola recently announced a 36 per cent year-on-year drop in net profits for 2012, as the effects of recession and regulatory changes continue to impact.

For more power business news