Isolux Corsan sells a wind farm in Argentina for 25 million dollars to Sideli and Sidsel
Isolux Corsan has reached an agreement with the companies Sideli, S.A. and Sidsel, S.A. for the sale of developments of the Loma Blanca Wind Farm, located in Argentina’s Chubut province. The price of the transaction, which includes the four phases of the wind farm, amounts to 25 million dollars. The sale of Loma Blanca wind farm is the first relevant transaction within the divestment plan launched by the new management team in order to stabilize the financial situation of the Isolux Corsan Group. The divestment plan aims to obtain around 400 million euros, which will be used to reduce debt.
As a result of this first operation, Isolux Corsan Group’s have reached an agreement with the company Sideli, S.A. so that it acquires the shares held in Loma Blanca IV wind farm, in operation since July 2013. In a second transaction, the company Sidsel, S.A. has acquired the shares corresponding to the other three phases of the park. The transaction is pending to receive the approvals of Energía Argentina, S.A. (Enarsa) and Banco Nacion.Nacion.
Isolux Corsan filed for Court approval of the agreement (“homologación judicial”) in late July, approved by an overwhelming majority of banks and bondholders, in order to extend the same conditions to all financial creditors . The group expects to have approval in the coming weeks. At the same time, it has launched a corporate and organizational restructuring process in order to improve operations, adjust the size of the company to the circumstances of the markets in which it operates, reduce costs and restore profitability.