Beleaguered insurance giant, AIG (NYSE: AIG) reported today that it has closed the sale of its interests in three
operating Spanish solar photovoltaic plants.
The plants have a combined capacity of 35.4 Megawatts (MW) and an enterprise value
of approximately EUR 300 million, according to a release.
HgCapital, a London based private
equity firm focused on renewable energy, acquired the interests for
an undisclosed sum from AIG Financial Products Corp. (AIGFP) and from 360 Corporate, a Spanish investment banking firm.
The Spanish portfolio includes two solar projects that qualified for the Spanish PV tariff between May and July 2008. These projects are HgCapital’s first Spanish and first solar investments.
“This sale continues AIGFP’s ongoing program of investment portfolio dispositions, further reducing its overall risk profile,” said Gerry Pasciucco, AIGFP Chief Operating Officer. As previously disclosed, AIGFP began the process of unwinding its businesses and portfolios late last year.
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