Iberdrola and MVV Energie AG, through its subsidiary MVV Windenergie GmbH, have concluded an agreement for MVV’s acquisition of Iberdrola's seven onshore wind farms located in Germany.
The transaction, subject to regulatory approvals, involves the transfer of a total 62.9MW wind installed capacity.Iberdrola will transfer to utility Group MVV 100% of the shares of Iberdrola Renovables Deutschland, GmbH, owner and operator of four wind farms totaling 37.4MW capacity, and 100% of the shares of Windpark Jülicher Land GmbH, which owns three wind farms with a joint capacity of 25.5MW. The operation, comprising share purchase and intra-group debts, is valued at a total € 52.7 million at the closing date plus an additional contingent payment of € 10.1 million, subject to certain requirements common to this type of transaction. This transaction is in line with Iberdrola’s outlook for 2012-14 which contemplates divesting assets in non-core businesses and markets.
The transaction, subject to regulatory approvals, involves the transfer of a total 62.9MW wind installed capacity.Iberdrola will transfer to utility Group MVV 100% of the shares of Iberdrola Renovables Deutschland, GmbH, owner and operator of four wind farms totaling 37.4MW capacity, and 100% of the shares of Windpark Jülicher Land GmbH, which owns three wind farms with a joint capacity of 25.5MW. The operation, comprising share purchase and intra-group debts, is valued at a total € 52.7 million at the closing date plus an additional contingent payment of € 10.1 million, subject to certain requirements common to this type of transaction. This transaction is in line with Iberdrola’s outlook for 2012-14 which contemplates divesting assets in non-core businesses and markets.
