Spanish energy group Iberdrola is interested in selling its onshore wind farms in Romania and Hungary as part of a strategy to raise cash to finance more profitable renewable energy projects.
The sale is expected to start in the coming weeks and includes six wind farms in Hungary and Romania, with a total generating capacity of 238 Megawatts. The transaction could bring an amount of up to 300 million euros to the Spanish group, market sources estimated.
Iberdrola has been an active seller of renewable energy assets in Europe and recently sold a 49% stake in the Wikinger offshore wind farm in Germany to Energy Infrastructure Partners (EIP) for €700 million. Separately, the Spanish group launched in September the procedures for the sale of a minority stake in a portfolio of renewable assets in Spain with a capacity of 1.2 Gigawatts, writes Agerpres.
Iberdrola is a world leader in renewable energy and is present mainly in Europe, America, Japan and Australia. In 2020, the Spanish group announced an ambitious plan that foresees investments of 150 billion euros by 2030, mainly in offshore wind farms and electricity transmission networks. In July of this year, the Spanish company reported that it had invested 10.2 billion euros, especially in the US, Spain, Brazil and the UK in the last 12 months.
Iberdrola entered Romania in 2008. It bought 50 wind projects from Eolica Dobrogea, with a total capacity of 1,600 MW, valued at around 2.5 billion euros, and announced that it would complete all investments by 2017, in collaboration with Eolica. However, according to the media reports of the time, only the Mihai Viteazu wind park in the Constanta commune of the same name, with a capacity of 80 MW, materialized. Iberdrola said that the Romanian partner, Eolica Dobrogea, was to blame for this situation. Later, Eolica Dobrogea went into insolvency.