Spanish utility group Iberdrola SA (MCE:IBE) on Monday announced an agreement for the sale of its Iberdrola Renovables France (IBRF) unit holding 32 wind parks.
The deal was signed with General Electric Co (NYSE:GE) which will take 40% in IBRF, MEAG, the asset management arm of insurer Munich Re (BIT:MUV2) with another 40% and EDF Energies Nouvelles targeting the remaining 20%, the vendor said.
The agreed price includes an initial consideration of EUR350m (USD462m) and a further payment of EUR50m, subject to certain objectives being reached.
IBRF owns Iberdrola’s onshore operations in France. The wind parks comprised in its portfolio produce 321.4MW of power together, the vendor said.