Iberdrola hires Barclays to sell stake in Spanish renewable portfolio, Expansion says

MADRID (Reuters) – Spanish power company Iberdrola (OTC:) hired Barclays (LON:)’ investment bank to sell up to 49% in a portfolio of Spanish renewable power projects, Expansion newspaper reported on Monday, citing unidentified market sources.

Iberdrola is considering selling a stake in a series of wind and solar power projects, most of them still in development, with a total capacity of 1.2 gigawatts, the newspaper said.

The assets are worth about 500 million euros ($482.50 million), the newspaper said, according to its market sources.

Iberdrola is selling stakes in some of its most advanced renewable projects to raise cash to partly finance its 150 billion euro 2020-2030 investment plan. It has recently agreed to sell a minority stake in a giant off-shore wind project in Germany for 700 million euros.

Representatives of Iberdrola and Barclays did not immediately return calls seeking comment.

($1 = 1.0363 euros)

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