Spanish renewable energy firm Acciona has hired Lazard to find a buyer for up to 49 pct of its wind power assets outside Spain in a push to raise capital, a source with knowledge of the matter said.
The sale would include 2,300 megawatts of wind power, with assets in 15 countries including the United States, Australia, Canada, South Africa, Mexico and India, the source told Reuters on Wednesday.
The standard wind power industry valuation is that each megawatt of installed capacity is worth 1.1 million euros, implying a total value for Acciona's foreign wind business of about 2.53 billion euros ($3.5 billion).
Investment banks have had the prospectus for the sale since December.
Acciona's balance sheet is under pressure following a series of painful energy reforms in Spain, including cuts on renewable energy subsidies and caps on profits.
While the sale of a minority stake in its foreign energy business would bring in cash for Acciona, the company would not be able to remove debt related to the assets from its balance sheet.