IBERDROLA has reached an agreement with the Polish companies Energa Hydro (subsidiary of Energa) and PGE Polska Grupa Energetyczna (PGE) for the sale of all its wind power assets in Poland, grouped by IBERDROLA Renewables Polska where it holds 75% of the capital, for approximately €203 million (840 million Polish zlotys).
The holding company, whose remaining 25% equity is held by the European Bank for Reconstruction and Development (EBRD), owns five operating wind farms in Poland with a total 184.5 megawatts (MW) installed capacity plus a wind project pipeline also in Poland.
This transaction, subject to the applicable approvals, is in line with IBERDROLA’s outlook for 2012-14 – presented in London last October – which contemplates divesting assets in non-core businesses and markets, for approximately €2 billion in the three-year period, to strengthen the Group’s balance sheet.
IBERDROLA has sold non-core assets valued at approximately €1,100 million since the beginning of 2012, including the recently announced sale of 32 operating onshore wind farms in France to EDF Energies Nouvelles, MEAG, ERGO and GE Energy Financial Services and its seven operating wind farms in Germany to MVV Energie AG, through its subsidiary MVV Windenergie GmbH.
Previous transactions include the sale of US-based companies The Energy Network (owner of Hartford Steam) to Energetix and NYSEG Solutions to Direct Energy; all its gas distribution assets in Spain (Madrid, Murcia and Valencia region); its 13.25% stake in Gas Natural Mexico; most of its shares in telecommunications operator Euskaltel – where it still holds a 2% stake – and the sale of GH Electrotermia, a company participated jointly with BBVA through Corporación IBV.
The Company will continue its divestment programme in coming months with the goal of reinforcing the Group’s financial strength, by reducing debt, improving financial ratios and maintaining its credit rating.
This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Iberdrola, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.
This communication contains forward-looking information and statements about Iberdrola, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although Iberdrola, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public documents sent by Iberdrola, S.A. to the Comisión Nacional del Mercado de Valores.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified on its entirety by the cautionary statement above. All the forward looking statements included herein are based on information available to Iberdrola, S.A. on the date hereof. Except as required by applicable law, Iberdrola, S.A does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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