Iberdrola said it will focus on building out its major renewable energy portfolio in Mexico after sealing a $6.2bn deal to sell its gas-fired generation assets there.

The Spain-based global renewables giant said late on Monday that it completed the sale of 13 plants totalling 8.5GW – almost all combined-cycle gas – that was first announced last April.

The sale to Mexican state power group CFE leaves Iberdrola with a 6GW renewables portfolio in Mexico, some 2GW of which could be developed inside five years, said the latter, which added that it “aims to continue growing by providing clean energy for its private customers and contributing to Mexico's renewable development”.