Spain’s Iberdrola Sells Chilean Water Unit

Spanish energy company Iberdrola has sold 51% of Chilean water processing unit Empresa de Servicio Sanitario Los Lagos (Essal) for EUR103m. The buyer was Chilean operator Aguas Andinas, a unit of Spain’s Aguas de Barcelona. The transaction is expected to close in July, after an IPO for the rest of Essal, Iberdrola says. The deal is part of Iberdrola’s strategic plan to sell non-core business units. Essal operates in Chile’s 10th and 14th region and has 173,000 clients, Iberdrola says.