Spain’s largest utility, Iberdrola S.A., has sold off about €850 million of assets so far in 2012, out of planned sales of €2 billion by the end of 2014. Today the Spanish firm said it sold some of its renewable energy assets in France to three buyers, including General Electric Co. (NYSE: GE), which acquired 40% of the sales assets.
Other buyers were Munich Re, which also took 40%, and France’s Electricite de France, which acquired 20%. The sale of Iberdrola Renovables France SAS brought in €350 million, with another €50 million if certain conditions are met. Earlier this month Iberdrola sold off seven wind farms in Germany for about €63 million.
GE now owns a stake in 32 onshore French wind farms with a total generating capacity of 321.4 megawatts. Wind farms currently under development by Iberdrola’s French division are not included in the transaction, nor are offshore wind farms. This seems like an odd deal for GE, but at least it did not cost the company very much.