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Iberdrola out of Chile with hydroelectric power sale

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Spanish utility Iberdrola has completed its exit from the Chilean energy market, having sold its majority stake in hydropower project operator Empresa Electrica Lican (EEL) as part of a divestment strategy.

HydroWorld.com reported that Iberdrola attempted to sell its 55% share in EEL to Chilean utility Compania General de Electricidad S.A. (CGE) in June 2009, though CGE canceled the US$16 million deal in September of that year due to disagreements in the sales terms.

Iberdrola's shares now belong to holding company Inversiones Candelaria (ICL), which already controlled 45% of EEL. The deal was reported to be worth $55 million.

EEL owns and operates an 18 MW hydropower project in Chile's Region XIV that has been in operation since 2011.

For more business and transaction news, visit here.

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