UPDATE 1-Areva sells REpower stake for $540 mln plus gain

PARIS, June 5 (Reuters) - Areva (CEPFi.PA) said it has sold its 30 percent stake in REpower (RPWGn.DE), for a capital gain of over 350 million euros ($540 million), after losing a bidding battle for control of the German wind turbine maker.

Areva said on Thursday it sold the stake to India's Suzlon Energy SUZL.NO, which acquired REpower last year after five months of wrestling with the world's biggest nuclear reactor maker.

French state-owned Areva and Suzlon signed a cooperation agreement in May 2007, under which Areva would maintain its stake in REpower, and become the preferred supplier to Suzlon in the field of electricity transmission and distribution.

The agreement also gave Areva a guaranteed selling price that would create a gain of more than 350 million euros.

REpower is one of Germany's biggest wind-turbine makers and is one of the world's leading companies in the wind energy sector, specialising in high-output turbine technology particularly suitable for offshore turbines.

Areva had vowed to develop its business in renewable energies depite failing to acquire REpower, and in September 2007 bought a 51 percent stake in German offshore wind energy plant maker Multibrid.

"Acquiring Multibrid gave us a firm foothold on the offshore wind market and access to state-of-the-art technology. It therefore made sense for us to sell our stake in REpower and concentrate on other strategic investments," Areva said in a statement.

Areva chief Anne Lauvergeon has been pressing the government for more funds, through a partial stock market listing, to finance its business development. But an official at President Nicolas Sarkozy's office told Reuters there was no plan to change Areva's capital structure in the foreseeable future.

Areva's investment certificates closed 0.8 percent higher at the Paris bourse.

(Reporting by Marie Maitre; editing by Rory Channing)