AIG sells stake in Spanish power plants

The investment arm of troubled US insurer AIG has finally disposed of its interest in three Spanish alternative energy plants. AIG Financial Products Corporation said it had closed the sale of its interests in three operating Spanish solar photovoltaic plants. The plants have a combined capacity of 35.4MWp and an enterprise value of approximately €300 million. HG Capital, a London based private equity firm focused on renewable energy, acquired AIGFP’s interests for an undisclosed sum. After parent company AIG was bailed out by the US Federal government, AIGFP began the process of unwinding its businesses and investment portfolios late last year. None of the terms of the transaction were disclosed.