Acciona Energia, the renewable energy subsidiary of Acciona, has reached an agreement with its French partner Jean Michel Germa to sell a controlling stake of 50.1% in La Compagnie du Vent, a renewable energy company in France.
The company’s enterprise value is approximately E740 million and Acciona Energia will collect E265 million for the sale.
The sale of a 50.1% stake in La Compagnie du Vent will reduce Acciona’s wind capacity by 49.4MW (1.8% of Acciona’s total wind power capacity). The company believes that the impact of this divestment on its wind power development plan for 2007 to 2009 will be minimal.
Acciona said that it will continue to expand its wind energy business internationally, as reflected in the acquisitions of 1,878MW of rights so far this year, principally in the US, but also in Canada, India, South Korea, Poland and Germany.