MADRID (Reuters) – Spanish energy company Iberdrola (OTC) has hired Barclays On Monday, Expansion newspaper, citing unidentified market sources, reported that an investment bank will sell up to 49% of Spain’s renewable energy project portfolio.
The newspaper said Iberdrola is considering selling a stake in a series of wind and solar projects, most of which are still under development, with a total capacity of 1.2 gigawatts.
The newspaper said, according to its market sources, that the assets are worth about 500 million euros ($482.50 million).
Iberdrola is selling stakes in some of its more advanced renewable projects to raise funds to partially fund its €150 billion 2020-2030 investment plan. It recently agreed to sell a minority stake in a giant offshore wind energy project in Germany for 700 million euros.
Representatives for Iberdrola and Barclays did not immediately respond to calls seeking comment.
(1 dollar = 1.0363 euros)