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Iberdrola sells its solar thermal power plant in Spain

Share Source By

Dion Global

22 Oct 2018

Iberdrola has agreed to divest its solar thermal power asset located in the town of Puertollano, Ciudad Real (Spain) by selling it to ENCE. The transaction involves the sale of 90% of the shares in Iberdrola Energ¡a Solar de Puertollano, S.A., the company which owns the 50-megawatt (MW) solar thermal generation unit.

The transaction amounts to €181.1 million, of which €72.3 million correspond to the sale of Iberdrola Energ¡a Solar de Puertollano, S.A. The remainder comprises the assignment to ENCE of the participating loan granted by Iberdrola to the company holding the shares, plus outstanding accrued interest. In addition, payment of a €6.3 million earn-out has been agreed.

Thus, Iberdrola maintains its clean energy focus through wind, hydroelectric and solar photovoltaic technologies.

The deal will have a positive impact in the 2018 consolidated results of the Iberdrola group, which will be quantified at the closing of the transaction. Also, both companies have reached an agreement whereby Iberdrola will operate and maintain the plant for two years.

The sale is conditional on the partner holding the remaining 10% at Iberdrola Energ¡a Solar de Puertollano, S.A., namely the Instituto para la Diversificaci¢n y Ahorro de la Energ¡a (IDAE), waiving its right to preferential acquisition of the shares being transferred.