Areva to Sell Shares in Adwen to Gamesa for EUR60 Million -- Update

By William Horobin and Inti Landauro

PARIS--French nuclear energy group Areva SA (AREVA.FR) said Thursday it exercized an option to sell to Gamesa Corporacion Tecnologica SA (GAM.MC) its shares in the two companies' offshore wind power joint venture, Adwen.

The French company will receive 60 million euros ($67 million) for its stake in Adwen, Gamesa said in a separate statement. Areva will receive within five years part of a EUR236 million loan made to Adwen when the company was created, Gamesa said.

Areva's decision is part of the merger of the wind power activities of Gamesa and Germany's Siemens AG (SIE.XE). The renegotiation of the Adwen joint venture had delayed that merger.

Areva said its decision will allow it to limit cash disbursements related to ongoing wind power projects and focus on nuclear power.

-Write to William Horobin at [e-mail] and Inti Landauro at [e-mail]

(END) Dow Jones Newswires

September 15, 2016 06:52 ET (10:52 GMT)

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