Acciona sells Korean wind farm

Renewables group Acciona has agreed to sell a 61.5MW wind farm in South Korea as it pulls in its horns following regulatory changes at home in Spain.

Acciona will sell the Yeong Yang I wind farm to a local investment fund in a deal worth 114m ($153m).

The plant uses 41 of Acciona Windpower’s 1.5MW turbines.

The Spanish group said the sale “is part of a strategy by Acciona to divest non-strategic assets with the aim of offsetting the economic impact of regulatory changes in the Spanish electric power market”.

Companies with a heavy exposure to the Spanish renewables market have seen their financial position dented by a string of policy measures introduced by the nation’s government.

The Korean deal is expected to be finalised by the end of the year.