Acciona Sells Wind Farms to Counter Renewable-Energy Cuts

Acciona SA agreed to sell 18 German wind farms to Swisspower Renewables AG for 157 million euros ($215 million) as it counters cuts in renewable-energy payments.

Acciona will divest farms in Lower Saxony and Brandenburg with a combined capacity of 150.3 megawatts, the Spanish company said today in a statement. No one could immediately be reached at Zurich-based Swisspower Renewables to confirm the agreement.

Acciona is selling assets to compensate for reduced revenue after Spain introduced a 7 percent tax on electricity production and a plan to limit payments to clean-power generators. The company said in March it would cut energy investment in half and divest minority stakes to weather the fallout from the program.

Today’s deal includes net financial debt of 85 million euros and implies a valuation of 1.04 million euros a megawatt, according to Acciona, based in Madrid’s Alcobendas suburb.

The company, Spain’s largest wind operator after Iberdrola SA, is expanding elsewhere as its traditional markets scale back support. Its turbine unit this month won its first contract in Turkey, Acciona said today in a separate statement.

Acciona Windpower will supply 19 machines to the 57-megawatt Cercikaya wind farm in Hatay province, owned by ZT Enerji Elektrik Uretim Sanayi ve Ticaret AS of Zafer Group.