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GE Buys Share of French Wind Assets

24/7 Wall St.

onshore wind farmSpain’s largest utility, Iberdrola S.A., has sold off about €850 million of assets so far in 2012, out of planned sales of €2 billion by the end of 2014. Today the Spanish firm said it sold some of its renewable energy assets in France to three buyers, including General Electric Co. (NYSE: GE), which acquired 40% of the sales assets.

Other buyers were Munich Re, which also took 40%, and France’s Electricite de France, which acquired 20%. The sale of Iberdrola Renovables France SAS brought in €350 million, with another €50 million if certain conditions are met. Earlier this month Iberdrola sold off seven wind farms in Germany for about €63 million.

GE now owns a stake in 32 onshore French wind farms with a total generating capacity of 321.4 megawatts. Wind farms currently under development by Iberdrola’s French division are not included in the transaction, nor are…

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SMIPP Ltd is a DG Independent Power Plant Private Joint Stock Company. 25-60 MW Gas Turbines Power Generators

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