Madrid (Platts)--7Dec2012/1145 am EST/1645 GMT

Spain's Iberdrola has signed an agreement to sell seven onshore wind farms in Germany totaling 63 MW to MVV Energie, the company said Friday.

The companies signed the deal Friday, Iberdrola said in a stock exchange filing in Madrid. The deal involved 100% of the company's subsidiary Iberdrola Renovables Deutschland, which owns four parks with a combined installed capacity of 37.4 MW and also 100% of Windpark Julicher Land, which owns three windfarms with 25.5 MW of combined capacity.

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The value of the deal was Eur53 million ($68 million) upon conclusion on the deal plus a contingent sum of a further Eur10 million dependent on a number of determined requisites, the company said, without adding details.

Iberdrola said in October it would reduce spending and debt as well as offload some of its assets and personnel between now and 2014 as it attempts to reduce risk and debt in an uncertain operating environment.

--Gianluca Baratti, newsdesk@platts.com
--Edited by Jonathan Fox, jonathan_fox@platts.com

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