Iberdrola Sells Off Stake in Gamesa

Spanish utility group has closed the sale of a 10% stake in wind turbine manufacturer Gamesa Corporación Tecnológica, leaving its shareholding at just over 14%.

The sale of the stake for €391.7 million represents a capital gain of €112 million to Iberdrola, the company says. The transaction was carried out via Morgan Stanley & Co. International plc, which placed a total of 24.3 million shares among qualified and institutional investors.

The sale will not affect the strategic agreements between the two companies, with Gamesa remaining as the principal supplier of wind turbines to Iberdrola’s renewable energy business. The decision to sell part of the shareholding in Gamesa was envisaged in the 2008-2010 Strategic Plan, which saw asset sales of non-core assets of €3 billion during the period.

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