Spanish utility Iberdrola will sell all of its indirect interests in four power utilities in Guatemala to Colombian utility Empresas Publicas de Medellin for $326.5m.

The company will sell a 49% stake in Distribuidora Electrica Centroamericana Dos (DECAII), 51% in Generadores Hidroelectricos, 100% in Gestion de Empresas Electricas (GESA), and 3.12% in Hidronorte.

The first phase has closed the sale of DECAII and GESA, coinciding with the signing of the agreement, which has perceived Iberdrola immediately $308m.

The sale of the indirect interests in other two Guatemalan utilities is scheduled for later this year, amounting to $18.5m.

Iberdrola said the sale of investments in Guatemala is part of its divestiture plan, which aims to maintain the company’s financial strength, optimizing capital structure and ensure the pace of investment committed to markets.