Spain-based Iberdrola has announced that it is exiting the German wind energy market and has sold its remaining assets in the country to Germany-based utility MVV Energie AG.
Under the recently signed agreement, Iberdrola sold seven onshore wind farms, all located in Germany, to MVV. The projects have a total installed capacity of 62.9 MW.
In addition, Iberdrola will transfer to MVV 100% of the shares of Iberdrola Renovables Deutschland GmbH, owner and operator of four wind farms totaling 37.4 MW, and 100% of the shares of Windpark Julicher Land GmbH, which owns three wind farms with a capacity totaling 25.5 MW.
Iberdrola says the sale is part of its 2012-2014 plan to divest "non-core businesses." The transaction is subject to regulatory approvals.
The company also says it will continue its divestment program in the coming months, with the goal of reinforcing the group's financial strength by reducing debt, improving financial ratios and maintaining its credit rating.