Iberdrola has completed the sale of three mini-hydro plants in the Castellón area of Spain, with a total installed capacity of 35MW, to the Austrian energy company Kelag.
The agreement could be expanded in the future to include additional mini-hydro assets, Iberdrola said.
Kelag currently manages around 100 hydroelectric power plants, as well as a range of hydropower purchase and subscription rights, with a total installed capacity of 1500MW in Austria.
This is the Austrian company’s second acquisition in Spain, following the purchase of four hydroelectric plants in 2022.
This transaction is part of Iberdrola’s non-strategic asset rotation programme for the period 2023-2025, announced in its Strategic Plan last year, which has already been 100% completed to support record investments of €47bn.
This divestment is in addition to those recently carried out in Mexico.
Iberdrola has also concluded several agreements recently to co-invest in clean energy and electrification projects, with partners including MAPFRE, Norges Bank Investment Management, Masdar, BP and Energy Infrastructure Partners.