Iberdrola, a leading Spanish energy company, has successfully finalized the sale of three mini-hydro power plants in the Castellón region of Spain, boasting a combined installed capacity of 35 megawatts (MW), to the Austrian energy firm Kelag. Notably, this agreement lays the groundwork for potential future expansion to encompass additional mini-hydro assets, as per Iberdrola's statement.
Kelag presently oversees approximately 100 hydroelectric power plants and holds various hydropower purchase and subscription rights, amassing a total installed capacity of 1,500 MW in Austria. This marks Kelag's second acquisition in Spain, following its purchase of four hydroelectric plants in 2022.
The transaction aligns with Iberdrola's non-strategic asset rotation program for the period spanning 2023 to 2025, a strategy announced as part of its Strategic Plan last year. This initiative has already achieved a 100% completion rate, facilitating substantial investments of €47 billion by the company.
This divestment effort complements the recent asset sales executed by Iberdrola in Mexico, reflecting the company's ongoing commitment to optimizing its portfolio.
In addition to these divestments, Iberdrola has recently entered into several agreements for co-investment in clean energy and electrification projects, partnering with entities such as MAPFRE, Norges Bank Investment Management, Masdar, BP, and Energy Infrastructure Partners, further expanding its presence in the renewable energy sector.