Iberdrola to sell 352m stake in wind turbine firm

SPANISH utility Iberdrola said yesterday it was selling 10 per cent of wind turbine maker Gamesa, a stake worth about &euro;408.3m (&pound;352m), based on yesterday&rsquo;s closing price.<br /><br />Iberdrola said it had hired investment bank Morgan Stanley to find institutions and qualified investors to buy 24.3m shares. It currently owns 23.95 per cent of Gamesa, which is a leading Spanish renewables business.<br /><br />A company spokesman said the sale was part of Iberdrola&rsquo;s strategic plan between 2008-2010 to sell &euro;3bn of non-strategic assets to fund growth. It would continue to use Gamesa as its main supplier of wind turbines, the spookesman added.<br /><br />Iberdrola said in April it planned to cut its &euro;34.2bn debt pile and was confident it would find buyers for more than &euro;2.5bn of assets this year.<br /><br />As well as its stake in Gamesa, Iberdrola runs joint projects with &nbsp;Gamesa through its renewable energy company Iberdrola Renovables.