HomeWorld RegionsEuropeSpanish media say Iberdrola selling off European fleet

Spanish media say Iberdrola selling off European fleet

According to Spanish press reports, Iberdrola (BMAD:à‚ IBE) has contracted Italian bank Banca Leonardo to arrange the sale of its combined 550 MW of onshore wind assets in France, Germany and Poland.

Wind Power Monthly stated that Spanish financial newspaper Expansiàƒ³n reports the news ahead of the company’s end-October presentation in London of a new business strategy aimed at reducing a $41.5bn corporate debt.

Galan
The utility, already in a process of non-strategic asset shedding, will now focus its wind power business on Spain, UK and USA, according to the leaks.
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Iberdrola will however reportedly maintain all offshore wind projects, as a strategic technology, including extensive portfolios in Germany and France.à‚  It will also continue developing onshore in emerging markets, such as South Africa.

Ignacio Galan (pictured), the company’s chairman, said they were considering selling off a minority stake in Scottish Power.

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