(Bloomberg) -- Iberdrola SA is looking for an investor to buy a stake in a portfolio of US renewable-energy assets for as much as $1.8 billion, according to people familiar with the matter.

The Spanish energy giant is working with Bank of America Corp. to sell a 50% stake in a portfolio with 700 megawatts in projects under construction, the people said, asking not to be named as the matter isn’t public. The company estimates it can raise between $1.6 billion to $1.8 billion with the sale.

The portfolio has 400 megawatts in solar plants and 300 megawatts in onshore wind, and all have power purchase agreements signed with large technology companies, the people said. The process will be formally launched in July with the aim to complete a sale by year’s end.

The stake sale is part of broader review of Iberdrola’s strategy in the US after it scrapped a multi-year attempt to acquire a utility in New Mexico, PNM Resources Inc. After doing that, Iberdrola announced it had reached an agreement for a full takeover of its US unit, Avangrid, for $2.55 billion. 

Iberdrola is gauging interest from potential suitors, the people said. Spokespeople for the company and Bank of America declined to comment. 

Previously, Iberdrola had also been looking to sell half of Avangrid’s renewable platform, a project known internally as Maverick. This plan has now been scrapped, the people said.

In February, Bloomberg News reported that Abu Dhabi clean-energy operator Masdar was exploring the possibility of taking a stake in renewable assets owned by Iberdrola in the US.

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