GLO Contourglobal Plc

   By Alberto Delclaux 
 

Iberdrola SA (IBE.MC) has agreed to sell a solar power plant in Spain to ENCE Energia y Celulosa SA (ENC.MC) for a total of 181.1 million ($208 million), as part of its asset rotation strategy.

In a statement from late Thursday, Iberdrola said it sold a 90% stake in plant owner Ibersol for a consideration of EUR72.3 million, and passed on a loan to ENCE with outstanding principal and accrued interest of EUR108.8 million. Iberdrola had made that loan to Ibersol.

"Accordingly, the total transaction consideration is of EUR181.1 million, which represents a positive impact in the consolidated results of the Iberdrola group for fiscal year 2018," the Spanish energy giant said.

The remaining 10% stake in Ibersol is owned by Spanish state agency IDAE.

U.K. power company ContourGlobal PLC (GLO.LN) had previously said it was in talks over the potential acquisition of the solar power plant, following a press report.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

October 19, 2018 01:44 ET (05:44 GMT)

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