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Spain's Unión Fenosa sells stake in Altos de Voltoy wind farm
1 June 2003
Utility divestment in Spanish wind has taken another step with the sale by Unión Fenosa -- the country's third largest utility -- of its 30% share in the 55 MW Altos de Voltoya wind station complex. The EUR 5.3 million deal goes to Fibanc Energias Renovables SA (Fersa), a renewables investment firm headed by Catalonia based bank Fibanc. Profit from Altos de Voltoya in 2002 was EUR 1.5 million from revenues of EUR 9.3 million, according to Spain's financial press. Late last year Unión Fenosa announced that it was looking for a partner for its renewables arm, Unión Fenosa Energías Especiales SA, to help finance its 1000 MW renewables target for 2010. Wind industry insiders view the Altos de Voltoya sale as an indication of just how lightly the utility takes its own renewables target. Market analysts are less damning, saying that the rash of divestment of wind assets is making Unión Fenosa's search for a partner difficult. Top utility Endesa is divesting half of its renewables developing division -- Ecyr-and in its entire wind turbine division, Made Tecnologías. The country's largest renewables pure player, Energía Hidroeléctrica de Navarra, is also looking for a new partner. Altos de Voltoya represents Fersa's first major purchase in its bid for expansion following its entry onto Barcelona's secondary stock market in April (Windpower Monthly, May 2003).
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