Spanish electric utility Iberdrola sold non-strategic assets worth $1.1 billion last year as part of a plan to unload some $2.6 billion of non-core operations and stakes between 2012 and 2014.

The figures show that the huge utility company is "making satisfactory progress in meeting its goals" of selling off assets and bolstering its balance sheet, company officials said.

One of the big deals sealed by Iberdrola last year was the sale of 32 wind farms in France for $462 million, with another $66 million in additional payments due if certain targets are met.

The utility used the same strategy - sales of onshore wind winds while retaining offshore wind farms - in Germany, where it sold all of its onshore assets for about $82 million.

Iberdrola closed another deal in the last days of 2012, selling its 20 percent stake in Medgaz - the pipeline that links Algeria to Spain - for about $190 million to Fluxys.

The company also sold some of its U.S. assets last year, unloading Energy Network for about $38.4 million and energy marketers Energetix and NYSEG Solutions for $110.2 million.

Iberdrola sold its 13.25 percent interest in Gas Natural Mexico last February for $82 million and unloaded its nearly 10 percent interest in Euskaltel for $52.3 million in October.

The company sold gas assets in Spain and unloaded its stake in engineering firm GH Induction Group in 2012.

The company's latest strategic plan calls for asset sales of at least $2.6 billion in the 2012-2014 period, but total divestments could hit $6.5 billion if necessary, management said.

The sales of non-core assets are being undertaken to compensate for the "adverse environment" created by low demand and regulatory changes, especially in Spain, as well as higher taxes, Iberdrola said. EFE