Iberdrola sells French wind parks for 350 million €

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Spanish energy company Iberdrola has recently sold 32 farms of wind in France for 350 million €.

In a movement of consolidation by Iberdrola, the deal will see General Electric, Munich Re and EDF, adding to their portfolio of renewable energy, according to Green Business.

The agreement could even increase by an extra €50 million, if production targets are moving smoothly over the next five years.

The new group of investors is planning to spend part of the machines to 160 wind turbine GE, for better efficiency and effectiveness.

MEAG (i.e. asset manager of Munich Re with ERGO) and GE Financial Services will hold a 40 percent share each, while EDF will hold 20%.

"This transaction is an excellent opportunity for EDF energy news to broaden its portfolio of wind in France and intensify its activities to O & M," the Executive Vice President of EDF energy new Emmanuel Jaclot said.

"GE and MEAG diligence and knowledge of this industry has allowed us to sign this acquisition in the target," he said.

This year alone, Iberdrola has sold nearly 850 million € of its "non-core assets", including seven parks of German wind turbines, according to the company press release.

During this time, the new deal will add 8billion $ in General Electric, and Munich Re renewable power assets of invest up to 2.5 billion € in renewable energies. And EDF energy new installed a total wind capacity of 320 MW in France.

With the recent assignments for its energy Iberdrola renewable average portfolio it is out the game for a while? Or it will return in the future? Only time will tell.

However, it is nice to see companies like GE, and especially of Munich Re, which has been at the forefront on climate change-related issues, as well as EDF energy new investing in new business. If all goes well, they can keep the momentum.

Principal sources: Green Business / Iberdrola