October 16, 2018 / 6:57 AM / a month ago

Spain's Iberdrola sells British power assets to Drax for 800 million euros

A view of crusher machines at Drax power station in Drax, northern England, February 16, 2011. REUTERS/Nigel Roddis

MADRID (Reuters) - Spanish utility Iberdrola (IBE.MC) said on Tuesday it had agreed to sell its stake in its conventional generation assets, held by the company Scottish Power, to Drax for around 801 million euros (704.3 million pounds) as part of its asset rotation plans.

The plan, which is included in its 2018-2022 strategy to rotate assets worth 3 billion euros, leaves the Spanish group with only wind power generators in Britain.

The company said in a statement that Britain remained a key market and it would continue with plans to invest 5.2 billion pounds to 2022 in its renewable capacity in the country.

Iberdrola has a wind power generation potential of some 2,700 megawatts in Britain, either installed or in construction, most of which is in offshore wind farms.

Reporting by Paul Day; Editing by Edmund Blair

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