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Iberdrola has reached an agreement with a consortium of EDF Energies Nouvelles (20%), MEAG, asset manager of Munich Re and ERGO (40%), and GE Energy Financial Services (40%), a unit of GE, for the sale of 32 operating onshore wind farms in France totaling 321.4 megawatts.

The transaction, subject to regulatory approvals, among other details not disclosed, is valued at €350 million ($457 million), plus an additional €50 million ($65 million) depending on wind resources at the wind farms.

The wind farms are spread throughout France, use a variety of manufacturers’ turbines, and went into operation from 2006-2012, with long-term contracts to sell the electricity under the French feed-in tariff.

This transaction is in line with Iberdrola’s outlook for 2012-14 which contemplates divesting assets in non-core businesses and markets, for approximately €2 billion, to strengthen its balance sheet.

Iberdrola sold non-core assets valued at around €850 million in 2012, including the recently announced sale of its seven operating wind farms in Germany to MVV Energie AG, through its subsidiary MVV Windenergie GmbH and the sale of its 20% share in Medgaz to Fluxys.