Iberdrola sells 55% stake in its Mexican business for $6bn

The company boasts a portfolio of renewable energy projects totalling 6,000MW in the country

Energy company Iberdrola has signed a binding agreement to sell a 55% stake in its Mexican business for $6 billion (£4.7bn).

The deal, executed with Mexico Infrastructure Partners (MIP), includes associated contracts and over 410 jobs.

The sale primarily covers combined cycle gas plants, with 99% falling into this category.

Iberdrola plans to retain 13 plants, continue serving private customers and focus on expanding its renewable projects in Mexico.

The energy giant maintains a portfolio of 6,000MW in renewable energy projects in Mexico.

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