The operation, which includes a net debt of 20 million euros, is part of an action plan designed by the company to offset the effects of regulatory changes in Spain.
ACCIONA Energía, through its subsidiary ACCIONA Energía Inversiones Corea S.L., has formalized the sale of 100% of the company that owns the 61.5-megawatt Yeong Yang I wind farm to a South Korean investment fund, for a gross sum of 162 billion KRW (114 million euros).
The operation, which includes a net debt of 28 billion KRW (20 million euros), is part of a strategy by ACCIONA to divest non-strategic assets with the aim of offsetting the economic impact of regulatory changes in the Spanish electric power market.
The transaction is subject to a number of conditions and is expected to be finalized before December 31st 2013.
The Yeong Yang wind farm, wholly owned by ACCIONA, was grid connected in June 2009. Located in the region of North Gyeongsang, it has forty-one 1.5-MW turbines of ACCIONA Windpower technology, with a tower height of 80 meters and a rotor diameter of 77 meters.
The operation is the first divestment carried out by ACCIONA Energía in accordance with an action plan, announced by the ACCIONA Group last March, that aims to reduce costs and increase efficiency and includes the disposal of non-strategic assets.
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