Iberdrola denies mandating advisers for renewables disposal programme

08 Oct 2014 – Iberdrola [IBE SM], the Madrid-headquartered utility, has not hired advisers to sell several of its renewables assets, a spokesperson for the company told this news service.

On Monday Reuters reported that JPMorgan had been hired to sell the assets with the aim of raising up to EUR 2bn, which would then be used to fund an acquisition in the United States, said the report.

“We have not hired JPMorgan as the Reuters story states,” said the spokesperson. “[Although] there are some non-core renewables assets that could potentially be sold under our programme to divest EUR 500m during the 2014-16 period.”

Jose Sainz, Iberdrola’s CFO, told Mergermarket in March the company would work to divest its wind farm assets in Italy, Portugal, Hungary and Greece. For Iberdrola this would constitute full retreat from the renewable energy markets in these countries. These plans, the spokesperson said, have not changed.

The assets selected for disposal have a combined installed capacity of 637MW. They are: Alto do Monçao (32MW), Catefica (18MW) and Serra do Alvao (42MW) in Portugal; Arachnaio II (38 MW), Alinda (4.2MW), Anavra (17MW), Antia A (24MW), Antia B (12.6MW), Heraklion (3.6MW), Kerveros (31.2MW), Kos (4.2MW), Machrirachi 1 (3.4MW), Machrirachi 2 (24MW), Machrirachi (11.4MW), Mitato (3MW), Patriarchis (40.3MW), Plakokeratia 1(10.2MW), Plakokeratia 2(4.8MW), Skopies 1 (9.6 MW) and Skopies 2 (13.8MW) in Greece; and Amundsen (26MW), Csoma (38MW), Csoma II (8MW), Kisigmand (50MW), Scott (36MW) in Hungary. Iberdrola’s Italian wind portfolio, also part of the disposal plan, totals 132MW and includes Nebrodi (64MW).

There is, however, no active sale process for these assets underway, two sector bankers said.

“Iberdrola likes to be ready for potential buyers and investors,” said the first banker. “But I’ve not seen any process documents and that is just the approach; they’re a well-funded group.”

Iberdrola has a market capitalization of EUR 34.51bn

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