Iberdrola has sold CEF 3 Wind Energy five wind farms totalling 245MW in Italy.
The projects are the Lago Arancio, Rocca Ficuzza, Nebrodi and Alcántara in Sicily, and Sant Agata in Foggia.
The wind farms were commissioned between 2009 and 2011.
Iberdrola said the deal is valued at €193.7m, with the cash payment structured in three phases: €1m already received, €84m payable in November and €108.7m to be paid by 31 May 2017.
CEF 3 Wind Energy will also take over the debt owned by SER and SER 1 – the Iberdrola units that owned the wind farms – which at the close of 2015 was €222.3m.
Iberdrola said the decision to divest the Italian assets is part of the company’s strategy to focus on the UK, USA, Mexico, Brazil and Spain.
Image: sxc
