By Andrés González
LONDON (Reuters) – Spanish corporate force Iberdrola (BME:IBE) is promoting its onshore wind farms in Romania and Hungary as part of a strategy to increase the budget to finance more lucrative renewable energy projects, two resources told Reuters.
The sale is worth up to three hundred million euros, the resources said.
Iberdrola sells operating assets to lower-cost investors to finance the progression of new renewable energy projects and networks in its main markets, Great Britain, the United States, Spain and Brazil.
The sale is expected to begin in the coming weeks and will come with six wind power plants in Hungary and Romania with a total generating capacity of 238 megawatts, the resources said on condition of anonymity.
An Iberdrola spokesman declined to comment.
Iberdrola has been an active trader of renewable energy assets in Europe and recently sold a 49% stake in its offshore German Wikinger to Energy Infrastructure Partners (EIP) for €700 million.
Separately, it introduced in September a procedure to sell a minority stake in a 1. 2-gigawatt portfolio of renewable assets in Spain, according to two separate appeals from the deal.
The Spanish app announced an ambitious plan in 2020 to invest up to €150 billion by 2030, basically in estimated offshore wind farms and power grids.
The company said in July it had invested 10. 2 billion euros, mainly in the United States, Spain, Brazil and Britain, in the past 12 months.
The highest point of investment increases its net debt, which will reach between 45,000 and 46,000 million euros this year. The figure does not come with any asset sales, Chief Financial Officer Jose Sainz said in July.
Iberdrola is expected to set a new global asset purchase and promotion target on an investor day in November, adding to the $2 billion target recently announced through its U. S. unit Avangrid, one of the resources said.
($1 = 1. 0317 euros)
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