Spain’s Iberdrola (BMAD:IBE) has decided against selling off a minority stake in its Scottish Power division.

Last year, Iberdrola was reportedly planning to sell a stake in its UK-regulated power business, which comprises distribution and high-voltage transmission operations.

However, the sale of the Scottish Power stake is now deemed unnecessary because of better than expected progress in a EUR2bn ($2.7bn) asset sale programme over the last 12 months.

Last year, the Spanish power utility sold €850m of what are described as non-core assets, including most recently 32 French wind farms and seven onshore wind farms in Germany.

The company is imminently expected to also announce the sale of wind assets in Poland.

Iberdrola is selling off assets as part of major drive to reduce its net debt of EUR28.8bn.

For more Business news.

For more Europe news.