Four of the five projects are located on the island of Sicily, off the Italian south coast; the 44MW Lago Arancio, 22.1MW Rocca Ficuzza, 64.6MW Nebrodi and 47.6MW Alcántara.
The fifth project, the 66.4MW Sant'Agata, is located in Apulia, south-east of mainland Italy.
The sites were commissioned between 2009 and 2011. Iberdrola has already received €1 million for the assets. A further €84 million is due in November, with another €108.7 million to be paid by May 2017.
CEF 3 Wind Energy will also take on the associated debt, which amounted to €222.3 million at the end of 2015, Iberdrola said.
Iberdrola said it divested these assets to focus its activities and investments on the UK, the US, Mexico, Brazil and its domestic market in Spain.
The company expects to invest €7.9 billion in renewables by 2020, it said. More than €4.2 billion will go to its onshore business, with €3.5 billion being spent on offshore wind.