GE Buys Stake in European Renewable Energy Company

The Spanish power company Iberdrola SA is selling a renewable energy unit in France to a group of investors.

  • Jan 01, 2013

Spanish energy giant Iberdrola SA is selling its French renewable energy unit, with General Electric leading the group of investors.

Iberdrola Renovables France SAS was sold to investors for 400 million euros, approximately $528.7 million. The payment is broken into two parts: 350 million euros and 50 million additional euros after the investors verify that certain requirements for the sale are met.

GE purchased 40 percent of the renewable energy unit. Iberdrola Renovables France SAS runs 32 French wind farms that can generate up to 321.1 megawatts of energy.

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