Iberdrola agrees to divest from 50 MW CSP project in Spain

Iberdrola has announced that it has agreed to sell its solar thermal power asset located in the town of Puertollano, Ciudad Real (Spain) to ENCE. The transaction involves the sale of 90% of the shares in Iberdrola Energía Solar de Puertollano, S.A., the company which owns the 50 MW solar thermal generation unit.

The transaction amounts to EUR181.1 million (US$207.7 million), of which EUR72.3 million (US$82.9 million) corresponds to the sale of Iberdrola Energía Solar de Puertollano, S.A. The remainder comprises the assignment to ENCE of the participating loan granted by Iberdrola to the company holding the shares, plus outstanding accrued interest. In addition, payment of a EUR6.3 million (US$7.2 million) earn-out has been agreed.

The remaining 10% stake in Iberdrola Energía Solar de Puertollano, S.A. is held by the Instituto para la Diversificación y Ahorro de la Energía (IDAE). The sale is conditional to IDAE waiving its right to preferential acquisition of the shares being transferred.