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Dong, Iberdrola prepare to exit Poland windfarm investments -FT
Credit: www.foxbusiness.com 26 September 2012 ~~
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Denmark’s Dong Energy A/S and Spanish utility Iberdrola SA (IBE.MC), two of Poland’s largest investors in windfarms, are preparing to exit the country, The Financial Times reports Wednesday, citing people familiar with the matter.
The moves come as Poland prepares to update its renewable energy sector regulations, with a draft bill that favors offshore wind power generation over onshore facilities, an initiative strongly criticized by the wind industry, says the report.
It cited one person as saying that any sale on the part of Dong and Iberdrola would probably be dictated by the companies’ quests to reduce debt.
Both Dong and Iberdrola declined to comment on the matter after being contacted by Dow Jones Newswires.
Dong has three wind farms with 111.5 megawatts of installed capability, about 7% of Poland’s 1.6 gigawatts of wind-generating capacity, while Iberdrola has 185MW of windmills.
Poland’s four state-controlled power generators–PGE, Tauron, Enea and Energa–haven’t invested much in wind but are thought to be interested in broadening their portfolios, according to the report. The sector is also appealing for private equity groups, it adds..
Newspaper website: www.ft.com/cms/s/0/520acfc0-0732-11e2-b148-00144feabdc0.html#axzz27SuFrfNA
Write to Alex MacDonald at alex.macdonald@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Copyright © 2012 Dow Jones Newswires
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