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Iberdrola SA To Sell French Wind Parks To Consortium of General Electric Co, Munich Re Group AG and Electricite de France SA -Reuters

Tuesday, 1 Jan 2013 05:27am EST 

Reuters reported that Iberdrola SA is selling its French wind park unit to a consortium including General Electric Co for about EUR400 million ($529 million) in its drive to cut debt and keep an investment grade credit rating. Once the deal is completed, General Electric will own 40% of the unit and MEAG, the asset manager of German insurer Munich Re Group AG another 40% . EDF Energies Nouvelles, the renewable unit of Electricite de France SA will own the remaining 20%. The total installed capacity of the French onshore wind farms is 321.4 megawatts. Iberdrola said the deal involved an initial payment of EUR350 million and an additional payment of EUR50 million.