July 1 (Bloomberg) -- Iberdrola SA, Spain’s biggest power utility, completed sales of assets in Chile and the Mediterranean, raising its tally of divestments in the past year to more than 1 billion euros ($1.3 billion).
The utility, which operated in the Latin American country through Empresa Electrica Lican SA, sold its 55 percent stake for $55 million to ICL, Iberdrola’s partner in Lican, according to a company official who asked not to be named, as the deal wasn’t officially announced. Also Iberdrola completed selling its final 10.6 percent stake in the Medgaz pipeline for 76.3 million euros, it said today in a filing.
The latest sales, including $264 million of Polish wind assets in February, mean the Bilbao-based utility has now sold 1.2 billion euros of non-strategic assets since last year, as part of Chairman Ignacio Galan’s plan to sell up to 2 billion euros of assets through 2014 to strengthen the balance sheet and reduce debt.
Through the sale of Lican, which operates a 17-megawatt hydropower plant, the company has withdrawn from its investments in Chile, a process begun by selling a controlling stake in Iberoamericana de Energia Ibener SA in 2009.
To contact the reporter on this story: Patricia Laya in Madrid at firstname.lastname@example.org
To contact the editor responsible for this story: David Risser at email@example.com