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Bankia to sell renewables holding to EDP

Source: Reuters - Mon 21st Mar 2011

Bankia, Spain's biggest savings bank by assets, is in talks to sell its 20% stake in renewables firm Genesa to Portugal's EDP, newspaper Expansion reported on Monday without naming sources.

Genesa, with operating capacity of more than 1,900 megawatts, has a total value of about 1.4 billion euros, Expansion said. Bankia, formed by a merger led by Caja Madrid, wants to sell assets to shore up its capital base.

Bankia declined to comment.

Spain's savings banks are at the heart of concerns about the stability of the country's finances due to their exposure to a collapsed property market and rising bad debts.

Bancaja, one of seven savings banks which merged with Caja Madrid to create Bankia, sold its 5 percent stake in gas grid operator Enagas in February, raising 189 million euros. It still holds 6% of Spanish utility Iberdrola. Genesa is Spain's third largest wind energy firm behind Iberdrola Renovables and Acciona Energia.

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