Spanish power utility Iberdrola SA (IBE.MC) said Monday it has agreed to sell its French renewable energy unit for up to 400 million euros ($528.7 million), to a group of investors led by General Electric Co (GE).

Under the terms of the deal, Iberdrola will sell 100% of its unit Iberdrola Renovables France SAS to the group of investors for EUR350 million, plus an additional payment of up to EUR50 if certain conditions for the sale are met.

GE will buy 40% of the unit, as will MEAG, an asset manager owned by Munich Re and ERGO. EDF Energies Nouvelles will purchase the remaining 20%.

The deal doesn't include off-shore assets and a portfolio of wind farms under development. These assets will be transferred over to another Iberdrola unit prior to the change of ownership, Iberdrola said.

Iberdrola Renovables France runs 32 wind farms in France , with an electricity generation capacity of 321.4 megawatts, Iberdrola said in a regulatory filing.

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