Spanish renewable energy developer Iberdrola has signed an agreement with Polish firms Energa and PGE Grupa Energetyczna to offload its wind energy portfolio in the country.
The portfolio includes five operating wind farms with a total installed capacity of 184.5MW and a project currently under development.
Iberdrola will execute the sale for €203m through this Polish unit Iberdrola Renewables Polska wherein it holds a 75% stake.
The remaining 25% in the holding firm is owned by the European Bank for Reconstruction and Development (EBRD).
Subject to the required approvals, the transaction supports the company’s 2012-14 plans to sell assets in non-core businesses and markets for nearly €2bn to reinforce the group’s balance sheet.
PGE will buy three wind farms with a combined capacity of 70.5MW, while Energa will purchase 114MW of wind assets in Pomorskie and Zachodniopomorskie.
Iberdrola has, thus far, sold €1.1bn worth non-core assets in the past one year.
These assets include 32 operating onshore wind farms in France and seven operating wind facilities in Germany.
The company is expected to continue the asset sales over the next few months to cut debt and maintain its credit rating.