Iberdrola to sell 352m stake in wind turbine firm
SPANISH utility Iberdrola said yesterday it was selling 10 per cent of wind turbine maker Gamesa, a stake worth about €408.3m (£352m), based on yesterday’s closing price.
Iberdrola said it had hired investment bank Morgan Stanley to find institutions and qualified investors to buy 24.3m shares. It currently owns 23.95 per cent of Gamesa, which is a leading Spanish renewables business.
A company spokesman said the sale was part of Iberdrola’s strategic plan between 2008-2010 to sell €3bn of non-strategic assets to fund growth. It would continue to use Gamesa as its main supplier of wind turbines, the spookesman added.
Iberdrola said in April it planned to cut its €34.2bn debt pile and was confident it would find buyers for more than €2.5bn of assets this year.
As well as its stake in Gamesa, Iberdrola runs joint projects with Gamesa through its renewable energy company Iberdrola Renovables.