Iberdrola sells shares in two regasification plants to RREF Infraestructure

2nd July 2009

Iberdrola is to sell its shareholdings in the Sagunto and Bahia Bizkaia Gas regasification plants to RREF Infraestructure, an arm of Deutsche Bank Asset Management, as part of its asset divestment plan.

The company has closed the sale of 25 per cent of BBG and 30 per cent of Saggas valued at €200m, generating a gross capital gain or around €27m.

Iberdrola originally acquired its stake in Saggas in July 2002 and the plant has been in commercial operation since April 2006. The company’s stake in the BBG plant dates back to 1998.

Iberdrola’s plan projects €2.5m in divestments this year as part of its goal to maintain balance sheet strength and improve its capital structure.

Tags: energy efficiency
Read More | Comments (0) | Europe, deals, energy efficiency

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