Iberdrola Sells Spanish Solar Power Plant to ENCE Energia
October 19 2018 - 12:59AM
Dow Jones News
By Alberto Delclaux
Iberdrola SA (IBE.MC) has agreed to sell a solar power plant in
Spain to ENCE Energia y Celulosa SA (ENC.MC) for a total of 181.1
million ($208 million), as part of its asset rotation strategy.
In a statement from late Thursday, Iberdrola said it sold a 90%
stake in plant owner Ibersol for a consideration of EUR72.3
million, and passed on a loan to ENCE with outstanding principal
and accrued interest of EUR108.8 million. Iberdrola had made that
loan to Ibersol.
"Accordingly, the total transaction consideration is of EUR181.1
million, which represents a positive impact in the consolidated
results of the Iberdrola group for fiscal year 2018," the Spanish
energy giant said.
The remaining 10% stake in Ibersol is owned by Spanish state
agency IDAE.
U.K. power company ContourGlobal PLC (GLO.LN) had previously
said it was in talks over the potential acquisition of the solar
power plant, following a press report.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
October 19, 2018 01:44 ET (05:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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