Spanish energy firm Iberdrola has sold a 10% stake in wind turbine manufacturer Gamesa Corporacion Tecnologica for EUR392m (USD560m). Morgan Stanley carried out the transaction and is also taking a 4.91% stake in Gamesa, according to Reuters. Iberdrola, which realised a capital gain of EUR112m (USD160m) through the sale, still holds 14% of the company and remains principal shareholder.
The sale is part of Iberdrola’s 2008-2010 strategic plan, in which it plans to unload EUR3bn (USD4.3bn) of non-core assets to reduce debt, which stands at around EUR31bn (USD44.3bn). Iberdrola subsidiary Iberdrola Renovables, the world’s biggest wind energy operator by capacity, will continue to use Gamesa as its main wind turbine supplier.
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