Source: Thinkstock
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.
Paul Ausick
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