Spanish utility company Iberdrola said Monday it sold 32 wind farms in France to U.S.-based General Electric, Meag and France’s EDF for 400 million euros (nearly $528 million).
The deal is being executed via the sale of 100 percent of the stock of subsidiary Iberdrola Renovables Francia, or IBRF, which owns the 32 wind farms, Iberdrola said in a filing with Spanish securities regulators.
General Electric will have a 40 percent stake in IBRF, while Meag will own another 40 percent and EDF will have a 20 percent interest.
IBRF is being sold for 350 million euros ($462 million ), with another 50 million euros ($66 million) in additional payments due if certain requirements are met, Iberdrola said.
President Evo Morales announced the nationalization last Saturday of four Iberdrola units in Bolivia, including the main electricity distributors in La Paz and Oruro provinces.
The facilities of electric utilities Electropaz and Elfeo, two of the Bolivian units of Iberdrola, were cordoned off by the security forces.
More than 700 police officers and soldiers were deployed at the Electropaz offices in La Paz and the Elfeo offices in Oruro.
The nationalization decree also covers services company Edeser and investment firm Compañia Administradora de Empresas.
All four units are majority owned by Iberdrola subsidiary Iberbolivia.
Iberdrola officials said they expected Bolivia to “pay the real value” of the four companies.