Corporación Gestamp has plans to put for sale Gestamp Renewables, an industrial group that operates and supplies components within the renewable energy sector. The divestment process will be managed by Bank of America.
Gestamp Renewables will be sold by the end of 2017. The firm integrates two renewable energy business units of Corporación Gestamp: Wind and Biomass energy. Gestamp Renewables has over 680 MW of operating wind energy and to date it has participated in the development of over 100 MW of Biomass energy.
Gestamp has plans to invest the proceeds from the sale to strengthen Gonvarri Steel Services, a unit which supplies metal structures for solar power plants, both photovoltaic and concentrated solar power.
Last month, Japan's trader Mitsui & Co acquired a 12.525% stake in Gestamp for a total amount of €416 million (US$453 million)
In February, KKR reached an agreement to acquire from Gestamp Renewables an 80% stake in Gestamp Asetym Solar, S.L. The transaction valued Gestamp Solar at a total enterprise value of around US$1 billion.