As part of its strategy of divestment of non-core business Iberdrola (BMAD: IBE) announced the sale of onshore wind assets in Germany.
MVV Energie has reached agreement with the Spanish company to purchase the seven wind farms, which have a total wind capacity of 62.9 MW, in a deal worth an initial $68.3m, with $13m to be paid at a later date.
Group MVV will take over 100% of the shares of both Iberdrola Renovables Deutschland (IRD) and Windpark Jülicher Land (WJL) from Iberdrola.
Under the terms of the deal, Germany-based MVV will assume the financial debt which both subsidiaries have with the Iberdrola Group.
The move is part of Iberdrola’s ongoing plan to divest assets in non-core businesses and markets worth around $2.59bn in the three-year period to strengthen its balance sheet.
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