Spain’s Iberdrola has withdrawn from Chile’s power market after selling its 55 per cent stake in utility Electrica Lican SA for $55m, reports Efe.

Iberdrola sold its stake to ICL, its partner in the Chilean utility.

ICL now has full ownership of Lican, which operates a 18 MW hydroelectric plant.

With this sale Iberdrola has now divested all of its investments in Chile, a process it started in 2009 by selling a controlling stake in Iberoamericana de Energia Ibener SA.

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