Spanish Energy company Iberdrola recently sold 32 onshore wind farms in France for €350 million.
In a consolidation move by Iberdrola, the deal will see General Electric, Munich Re, and EDF adding to their respective renewable energy portfolios, according to Business Green.
The deal could even increase by an extra €50 million, if production targets move smoothly over the next five years.
The new group of investors plans to switch a portion of the 160 wind machines to GE turbines, for better effectiveness and efficiency.
MEAG (which is Munich Re’s asset manager along with ERGO) and GE Financial Services will own a 40% share each, while EDF will own the other 20%.
“This transaction is a great opportunity for EDF Energies Nouvelles to expand its wind assets portfolio in France and scale up its O&M business,” said executive vice president of EDF Energies Nouvelle Emmanuel Jaclot.
“GE’s and MEAG’s diligence and knowledge of this industry allowed us to sign this acquisition in the targeted timeframe,” he said.
This year alone, Iberdrola has sold off close to €850 million of its “non-core assets,” including seven German wind farms, according to the company’s press release.
Meanwhile, the new deal will add to General Electric’s $8 billion in renewable energy assets, and Munich Re plans to invest up to €2.5 billion in renewables. And EDF Energies Nouvelle installed a total wind capacity of 320 MW in France.
GE, Munich Re, EDF Energies Nouvelle Make A Statement
With the recent sell-offs for Iberdrola of it’s renewable energy portfolio mean it is getting out of the game for a while? Or will it return in the future? Only time will tell.
However, it’s nice to see companies like GE, and especially Munich Re, who has been on the forefront on climate change issues, as well as EDF Energies Nouvelle invest in new deals. Hopefully, they can keep the momentum going.
Main sources: Business Green / Iberdrola
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