Iberdrola sells three mini-hydro assets to Kelag

Spain's Iberdrola has completed the sale of three mini-hydro plants in the province of Castellón in eastern Spain, to Austrian energy service provider Kelag.

The agreement includes plants with a total installed capacity of 35MW however could be expanded in the future to include additional mini-hydro assets.

Kelag currently manages around 100 hydroelectric power plants, as well as a range of hydropower purchase and subscription rights, with a total installed capacity of 1,500MW in Austria.

This is the company's second acquisition in Spain, following the purchase of four hydroelectric plants in 2022.

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This transaction is part of Iberdrola’s non-strategic asset rotation programme for the period 2023-2025, announced in its strategic plan last year, which has already been 100% completed to support a record investment of €47 billion ($50.5 billion).

This divestment is in addition to those recently carried out in Mexico. Iberdrola has also concluded several agreements recently to co-invest in clean energy and electrification projects, with partners including MAPFRE, Norges Bank Investment Management, Masdar, bp and Energy Infrastructure Partners.