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Germany

Germany

Iberdrola sells German wind farms to MVV Energie

GERMANY: Iberdrola has sold seven projects in Germany with a total capacity of 69MW to German utility MVV Energie.

The deal follows Iberdrola's announcement that it planned to sell off its combined 550MW of onshore wind assets in France, Germany and Poland.

MVV will acquire 100% ownership of Iberdrola Deutschland, which owns four wind farms with the combined capacity of 37.4MW, and Windpark Julicher, which owns three projects with a combined capacity of 25.5MW.

The acquisition will cost MVV up to 62.8 million. Spanish power company Iberdrola is currently looking to reduce a €32 billion corporate debt.

Iberdrola, already in a process of non-strategic asset shedding, will focus its wind business on three strategic markets where it also has other extensive generation and distribution interests: Spain, the UK and the US.
 
Nevertheless, Iberdrola will reportedly maintain all offshore wind projects, as a strategic technology, including extensive portfolios in Germany and France. It will also continue developing onshore in emerging markets, such as South Africa.

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