AIG Sells Stake in 35-MW of Solar Projects

AIG Financial Products Corp. (AIGFP) has closed the sale of its interests in three operating Spanish solar photovoltaic plants from its energy and infrastructure book. The plants have a combined capacity of 35.4 megawatts (MW) and an enterprise value of more than US $405 million.

AIGFP began the process of unwinding its solar business and portfolio late last year. HG Capital, a London based private equity firm focused on renewable energy, acquired AIGFP’s interests for an undisclosed sum. Other terms of the transaction were not disclosed.

“This sale continues AIGFP’s ongoing program of investment portfolio dispositions, further reducing its overall risk profile,” said Gerry Pasciucco, AIGFP’s COO.

This news comes as AIG has been criticized over the last week both by the American government and public for paying bonuses to executives in the financial products division even after taking large amounts of U.S. government money to try to right its troubled business.

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