Iberdrola to Sell Scottish Power Generation to Drax Group for GBP702 Million
October 16 2018 - 2:57AM
Dow Jones News
By Cristina Roca
Iberdrola SA (IBE.MC) said Tuesday that it has agreed to sell
its Scottish Power Generation Holdings Ltd U.K. business to Drax
Group PLC (DRX.LN)'s Drax Smart Generation Holdco Ltd.
The Bilbao, Spain-based energy company said it will sell 100% of
Scottish Power's capital to Drax for 702 million pounds ($922.3
million).
Iberdrola said it expects the sale to have a positive impact on
its 2018 earnings, which will be quantified and announced when the
transaction closes.
To finance the acquisition, Drax has entered into "a
fully-underwritten GBP725 million secured acquisition bridge
facility agreement," the British electrical power company said in a
statement.
Scottish Power has a total generation capacity 2,566 megawatts
of electricity, Iberdrola said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 16, 2018 02:42 ET (06:42 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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