Bloomberg News

Martifer to Sell Wind Parks in Poland to Ikea to Reduce Debt

October 03, 2011

(Updates with finance chief’s comments in third paragraph.)

Oct. 3 (Bloomberg) -- Martifer SGPS SA, a Portuguese manufacturer of metal structures, agreed to sell wind farm projects in Poland to the Ikea Group for 87 million euros ($116 million) to cut debt.

The Leki Dukielskie and Bukowsko projects are already operating, Oliveira de Frades, Portugal-based Martifer said today in a regulatory filing. The sale of the Rymanow project will be concluded after the park is built and connected to the grid in 2013.

“Martifer’s strategic plan points to a reduction of assets in the area of wind energy generation,” Chief Financial Officer Mario Couto said in an e-mail. Martifer’s capacity in operating wind energy parks is 33.6 megawatts and it has 68 megawatts under construction in Romania, he said.

The company plans to cut debt to 230 million euros to 250 million euros in 2013 from 401 million euros at the end of the first half. It’s seeking growth in areas other than wind energy, including contracts for work on soccer stadiums in Brazil.

“With the slowdown in growth in the wind sector, this business has become only a segment of metal construction,” Couto said. “In terms of renewable energy, Martifer is focused on the solar photovoltaic sector.”

--Editors: Stephen Cunningham,

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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