GE Financial buys into 32 French wind farms

The Spanish energy conglomerate Iberdrola has reached an agreement with a consortium of GE Energy Financial Services (40%), a unit of GE; EDF Energies Nouvelles (20%); and MEAG, an asset manager of Munich Re and ERGO (40%); for the sale of 32 operating onshore wind farms in France totaling 321.4 megawatts. The transaction, subject to regulatory approvals, among other details not disclosed, is valued at €350 million (approximately $463 million), plus an additional €50 million (approximately $66 million) depending on wind resources at the wind farms. The wind farms are spread throughout France, use a variety of manufacturers’ turbines, and went into operation from 2006-2012, with long-term contracts to sell the electricity under the French feed-in tariff.

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