News
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19/08/2024 - 15:00 UTC +02:00Iberdrola confirms grid access for the Ekienea project, the largest solar farm in the Basque Country The Chairman of Iberdrola, Ignacio Galán, met today in Bilbao with the company's management team and the Executive Committee in their traditional first meeting after the summer, coinciding with the celebration of the Aste Nagusia. During this event, it was announced that the Ekienea project, the largest solar farm in the Basque Country with a renewable capacity of 100 MW, now has access to the electricity grid. This confirms the commitment to promoting a greener and more sustainable Euskadi by the entities collaborating in the project, such as Iberdrola, the Basque Energy Agency (EVE), the Provincial Council of Alava and Krean (Mondragón Group). Ekienea extends over 200 hectares, half of which will be occupied by the photovoltaic plant and the rest will be used for environmental compensation and preservation of forest areas. When it comes into operation, the plant will generate clean energy capable of meeting the annual consumption of some 47,000 people, almost tripling the current solar capacity of the Basque Country, and will prevent the emission of 25,000 tonnes of CO2 per year, contributing to the fight against climate change . Ekienea not only represents a step forward in the Basque Country's energy transition , but also offers a great opportunity for Basque technology companies. The construction of the solar park will generate up to 300 jobs at peak times. A big step towards decarbonisation Iberdrola's commitment to the Basque Country is reflected in the tractor effect with Basque companies such as Ingeteam, Arteche, Ormazabal and Haizea Wind. Furthermore, in renewable energy, the company has in the Basque Country, in collaboration with the EVE, the Aixeindar initiative, which is processing wind farms with a capacity of 160 MW in Álava. The Labraza and Azaceta wind farms in Álava, each with a capacity of 40 MW, are the first wind farms to generate 100% green energy to be commissioned in the Basque Country since 2006. These facilities have already obtained positive environmental impact statements (EIS), their corresponding administrative authorisations (AA) and administrative authorisations for construction (AAC). Advances in energy storage also make it possible to maximise the renewable energy produced, and the Oiz (Bizkaia) and Elgea-Urkilla (Álava) wind farms are two good examples of the application of these storage batteries, in operation from 2022. READ MORE
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14/08/2024 - 11:05 UTC +02:00Iberdrola exceeds 9,000 MW renewables in the United States Iberdrola, through Avangrid, its subsidiary in the United States, has surpassed 9,000 MW of installed wind and solar renewable capacity, enabling it to supply sustainable energy to more than 2.3 million US families, a population close to that of all rural Spain. This milestone, achieved this summer thanks to the boost in the construction of several facilities, consolidates Iberdrola as one of the country's leading renewable energy companies and demonstrates the company's commitment to the energy transition towards decarbonisation. The company's onshore wind and solar energy portfolio includes more than 75 projects in 22 states. It has more than 8,000 MW of wind capacity and around 1,000 MW of solar power. With a focus on operational excellence and environmental responsibility, Iberdrola continues to provide clean and safe energy to its customers to build an emission-free energy future. In less than two decades of presence in the United States, the company chaired by Ignacio Galán has become one of the largest groups in the North American electricity sector. The company's business in the country is divided into two main lines: grids and renewables. Through its grids business, it owns and operates eight electricity and natural gas utilities, serving more than 3.3 million customers in New York and New England. Meanwhile, through its renewables business, Iberdrola is one of the three largest companies in the countries in solar and wind power, and a leader in offshore wind. In July, the company's first solar plant in the state of Texas, True North, began producing power. When fully operational, it will have an output of 321 MWdc. This facility will provideclean, renewable energy to power Meta's operations in the region through a long-term power purchase agreement (PPA) for its upcoming 100% renewable energy data centre in Temple. Also in the same month, Iberdrola began construction of the Powell Creek photovoltaic plant in Ohio. When it comes online, it will have a capacity of 202 MWdc, which will generate enough clean energy to supply 30,000 homes a year. Last June, the utility also signed an extension to the long-term power purchase agreement (PPA) it already had with the American company CPS Energy. This agreement covers the purchase of almost 80% of the clean energy generated at the Peñascal onshore wind farm in Texas. Among the company's main commitments worldwide is offshore wind energy. Iberdrola is a leader in the United States with the current construction of the first large-scale offshore energy facility. Located off the coast of the state of Massachusetts, the farm will have a total capacity of 806 MW, enough to supply clean energy to more than 400,000 homes. In addition, in partnership with Dominion Energy, it is developing the Kitty Hawk offshore wind farm off the coast of the Outer Banks in the states of Virginia and North Carolina, which will have a planned total installed capacity of 3,500 MW and will provide clean energy to 700,000 homes. Growth based on sustainability Iberdrola is committed to international growth based on sustainable support for local communities. Its renewable energy projects not only help each country achieve its climate goals, but also provide significant community benefits by creating jobs, boosting economic growth and contributing to the tax base. The company employs approximately 8,000 people in the United States and has been recognised by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies, a ranking of America's best corporate citizens. In this year's edition, the company ranked first among utilities. READ MORE
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07/08/2024 - 09:00 UTC +02:00Iberdrola places USD 525 million in 10-year green bonds in the US with strong investor demand New successful financing operation by Iberdrola. The electricity company, through its US regulated electricity grid business New York State Electric y Gas Company (NYSEG), a subsidiary of Avangrid successfully placed a 10-year green bond issue in the US for USD 525 million (EUR 490 million). Demand exceeded 2 billion euros, and this enabled the spread over the benchmark interest rate to be cut to 135 basis points. This translated into a transaction cost of 5.332%. The ability of the company chaired by Ignacio Galán to access financing markets has been reaffirmed with an operation in the American market in the middle of August, which has aroused the interest of large investors, with more than 60 American accounts participating. This is further proof of its ability to attract investors in different markets. Europe's largest electricity company by stock market value has taken advantage this time of the fall in long-term interest rates in the United States. Investor confidence in Iberdrola is at an all-time high and the issue had the added incentive of being green, which attracts a growing number of investors. Iberdrola thus paid a minimal new issue premium. The funds, which will be used to boost the network business in the United States, have just been disbursed. The banks involved in the transaction were BNP Paribas, MUFG, Wells Fargo, Santander, SMBC, Intesa and Commerzbank. This operation joins the one carried out by Iberdrola on 1 August with ICO, Sabadell and HSBC, who signed a EUR 500 million syndicated green loan with Cesce's coverage. This loan, which has a repayment term of 15 years, helps strengthen the diversification of Iberdrola's sources of financing. The NYSEG is Iberdrola's fourth public transaction so far this year, following the EUR 700 million hybrid bond (subordinated debt) issued in January, the CHF 335 million placement in the Swiss market at the end of June and the EUR 750 million senior bond issued in July. International confidence Market confidence in Iberdrola is steady. Last month, it placed a senior bond for 750 million euros with strong demand, and a few weeks earlier it diversified its financing with a green bond placement for 335 million Swiss francs. In addition, in March it signed a EUR 700 million green loan with the European Investment Bank for the expansion of electricity grids in Spain and in January Iberdrola and the World Bank extended their alliance with a EUR 300 million green loan for renewable projects in emerging countries. That same month, it issued EUR 700 million in hybrid bonds, keeping the company's hybrid volume stable at 8.25 billion euros. The funds obtained were used to refinance the renewable assets that had been financed with the hybrid bond issued in 2018, which was replaced with this operation. At the end of December 2023, the company signed its largest credit line in history for 5.3 billion euros with 33 international banks. The cost of this operation was at the most competitive levels for Iberdrola, with prices similar to those of 2019, and the operation was oversubscribed by more than 40%, demonstrating the strong commitment of the banks to Europe's leading utility by capitalisation. Global leader in sustainable and green finance Iberdrola has established itself as a global benchmark in sustainable financing, as the first private group in the world to issue green bonds, after becoming in 2014 the first Spanish company to do so. The group currently has around 23,000 million euros of green bonds outstanding. In the banking market, in 2016, the company also signed the first green loan for an energy company, for 500 million euros. That transaction was followed by various loan operations and credit lines linked to sustainability criteria. This financial strategy complements and strengthens the historic investment plan launched by the company in March 2024, in which it announced the investment of 41 billion euros between 2024 and 2026. The plan aims to drive the economy's electrification, with a strong boost to electricity grids and renewables. READ MORE
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02/08/2024 - 14:56 UTC +02:00Iberdrola acquires €5 billion valued Electricity North West in the UK Iberdrola has today signed an agreement to acquire 88% of Electricity North West (ENW) in the UK for an equity value of £2.1 billion (€2.5 billion). The deal values 100% of the company, including debt, at approximately €5 billion. This acquisition is consistent with Iberdrola's strategy to invest in electricity networks and in countries with a strong credit rating, such as the United Kingdom (AA credit rating). Since the merger with ScottishPower in 2007, the UK has been one of the leading investment destinations for the company, where it has invested around £30 billion (€36 billion) in that time. ScottishPower is the only 100% green integrated utility in the UK. With the completion of the deal, the UK becomes Iberdrola’s leading market by regulated asset base, which is valued at approximately €14 billion, followed by the United States at €13.3 billion. Ignacio Galán, Iberdrola’s executive chairman, said: "This transaction reinforces our commitment to investing significantly in electricity networks, which are a critical component for supporting the electrification and decarbonization of the economy. The agreement is also consistent with our strategy to invest in countries that have ambitious investment plans and stable and predictable regulations. As a result of this acquisition, our regulated networks asset base in the UK is now valued at €14 billion. When combined with the US, these two markets now represent two-thirds of our total global regulated asset base.” Geographically, ENW is located between the two existing ScottishPower networks license areas, in central and southern Scotland and Merseyside and North Wales. ENW distributes electricity to almost five million people in the North West of England, in locations such as Manchester, Lancaster and Barrow, and has approximately 60,000 km of electricity distribution networks. The acquisition accelerates Iberdrola's commitment to grow its electricity networks business, with the company now becoming the second largest electricity network operator in the UK. Iberdrola will now distribute electricity to around 12 million people in the UK, across a network which will span more than 170,000 kilometers. In addition, Iberdrola will employ more than 8,500 people in the country. Iberdrola and a consortium of investors from Japan, led by Kansai, which will retain 12% of ENW's capital, have signed a shareholders' agreement to collaborate on a long-term basis. The acquisition is subject to the standard authorizations for this type of transaction. A growth story in the UK The merger between ScottishPower and Iberdrola in 2007 was part of the company’s long-term strategy to become a world leader in the global energy market. ScottishPower is the only vertically integrated energy company in the market. As well as being a major investor in renewable energy, ScottishPower owns and operates the transmission and distribution networks in south-central Scotland and the distribution network in Merseyside, North Wales and Cheshire. It is also one of the largest energy suppliers in the country, with 4.2 million customers. Currently, Iberdrola operates more than 111,400 km of installed power lines in the country, with 40 onshore wind farms and two offshore wind farms in operation. The total capacity of renewables in operation in the UK exceeds 3,000 MW, enough to power the equivalent of more than two million homes, free of emissions. As part of its growth plans, the company is building the East Anglia Three offshore wind farm, the second largest in the world, with a total capacity of 1,400 MW. READ MORE
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01/08/2024 - 16:11 UTC +02:00Iberdrola, ICO, Sabadell and HSBC sign a EUR 500 million syndicated green loan with Cesce coverage Iberdrola, ICO, Sabadell and HSBC have signed a syndicated green loan for an amount of 500 million euros, which is covered by Cesce through its Green Investment Policy on behalf of the State, which is guaranteed by the Internationalisation Risk Reserve Fund (FRRI), attached to the Ministry of Economy, Trade and Enterprise. The green loan, which has a 15-year maturity, will strengthen Iberdrola's diversification of financing sources. This is the first loan aimed at promoting renewable energy projects that the ICO will finance with Next Generation funds in the second phase of the Recovery Plan. The operation is part of the ICO-Verde programme, which was activated with the signing of the agreement between the Ministry of Economy, Trade and Enterprise and the ICO. The funds from the operation will be used to finance renewable wind and photovoltaic projects, as well as battery projects in the United States, Australia and Italy. The total renewable capacity financed will reach 897 MW and is expected to be operational between 2025 and 2026. The total amount of Iberdrola's loans under the coverage of Export Credit Agencies (ECAs) is 2,500 million euros. These entities exclusively manage credit and investment insurance on behalf of the states, covering political, commercial, and extraordinary risks associated with internationalisation. This loan contributes to diversifying Iberdrola's financing, which is able to combine various sources: capital markets, financial institutions, development banks such as the World Bank or the European Investment Bank (EIB) and state agencies for the promotion of exports that reduce or eliminate the risk of operations. In this case, HSBC has been the coordinating bank for the operation. Cesce, in its role as the Spanish Export Credit Agency (ECA), exclusively manages credit and investment insurance on behalf of the State, thus covering the political, commercial and extraordinary risks associated with the internationalisation of Spanish companies. Its Green Investment Policy, in particular, covers the risks of credits granted to Spanish companies or their foreign subsidiaries for the financing of projects abroad that are considered green, as they comply with the requirements of the EU Taxonomy or Annex I of the OECD Consensus. International confidence Banking confidence in Iberdrola is constant. Last month, Iberdrola diversified its financing with a CHF 335 million green bond placement. In addition, in March it signed a EUR 700 million green loan with the European Investment Bank for the expansion of electricity grids in Spain and in January Iberdrola and the World Bank extended their alliance with a EUR 300 million green loan for renewable projects in emerging countries. In the same month, it issued 700 million in hybrid bonds , thus keeping the company's hybrid volume stable at 8.25 billion euros. The funds obtained were used to refinance the renewable assets that had been financed with the hybrid bond issued in 2018, which was replaced with this operation. At the end of December, the company signed its largest credit line in history for 5.3 billion euros with 33 international banks. The cost of this operation was at the most competitive levels for Iberdrola, with prices similar to those of 2019, and the operation was oversubscribed by more than 40%, demonstrating the strong commitment of the banks to Europe's leading utility by capitalisation and the second largest in the world. Global leader in sustainable and green finance Iberdrola has established itself as a global benchmark in sustainable financing , being the first private group in the world to issue green bonds, after becoming in 2014 the first Spanish company to issue a bond of these characteristics. The group currently has more than 22,000 million euros of green bonds outstanding. In the banking market, in 2016, the company also signed the first green loan for an energy company, in the amount of 500 million euros. That operation was followed by various loans and credit lines linked to sustainability criteria. This financial strategy complements and strengthens the historic investment plan launched by the company in March 2024, in which it announced the investment of 41 billion euros between 2024 and 2026. The plan aims to drive the electrification of the economy, with a strong boost to electricity grids and renewables. READ MORE
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31/07/2024 - 09:00 UTC +02:00Iberdrola receives approval for El Escudo wind farm construction in Spain Iberdrola has been given the green light to proceed with preliminary construction work on a wind farm in Cantabria (northern Spain), after the developer Biocantaber − in which Iberdrola España has a stake − obtained the building permit to begin construction. The El Escudo wind farm, which will have a capacity of 101 MW, will generate renewable energy , equivalent to the annual consumption of 95,300 homes, and avoid the emission of 45,000 tonnes of CO2 per year. It is also the first farm in Spain to apply BIM (Building Information Modelling) technology, a methodology that allows detailed control of the execution of works and, among other aspects, the application of measures to reduce the impact. To read the full story visit Iberdrola España Press Room . READ MORE
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30/07/2024 - 13:30 UTC +02:00Ignacio Galán visits Windar Renovables facilities at Port of Avilés Ignacio Galán visited Windar Renovables facilities in the Port of Avilés accompanied by Orlando Alonso, Head of the shipyard, the loading point for large onshore and offshore wind energy structures. During the visit, the representatives of both companies took the opportunity to see the loading status of the last five structures, out of a total of 62, that were leaving for the Vineyard Wind I offshore wind farm that Iberdrola is building in US waters. The contract, which has created around 800 jobs, represents a significant milestone in the trajectory of the collaboration between the two companies − confirming their ability to become a global supplier for offshore wind. The Vineyard Wind I wind farm , located in US waters, will have a capacity of 800mMW when completed and will produce enough clean energy to power half a million homes. In addition to this project, Iberdrola and Windar Renovables collaboration continues manufacturing 95 transition pieces for its East Anglia Three offshore wind farm, which will also be manufactured at Windar's facilities in Avilés. READ MORE
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28/07/2024 - 11:22 UTC +02:00Iberdrola champions women's sport in Paris The Games have kicked off in Paris and have done so with an unprecedented milestone: they will be the first to achieve gender parity. Thus, 50% of the 10,500 athletes competing in the French capital from 26 July to 11 August will be women. This is an achievement in which Iberdrola has played a part − supporting two of the main committees , the Spanish and Brazilian. In both cases, this will be the first edition ever with more women than men. For instance, the Spanish team will have 192 female athletes, 50.3% of the total; and 190 men, 49.7%, while in the Brazilian team the proportion is 153 women, 55.4%; and 123 men, 44.6%. The Group has played a key role in the all-time records presented by Spain and Brazil at the Paris event through the implementation of numerous equality policies , in which promoting women's sport is one of their key drivers. In Spain, 24 of the 35 national federations supported by Iberdrola will participate in Paris, contributing 173 athletes, 90.1% of the total. In addition, 20 of the 35 members of the Iberdrola Ambassadors programme will be part of the Spanish team. Through this programme, the company aims to inspire and give visibility to the over 800,000 federated sportswomen who make up the 35 federations it currently supports. Neoenergia signs agreement with the Brazilian Olympic Committee In Brazil, Neoenergia has just signed an agreement until 2025 with the Brazilian Olympic Committee (COB) to become one of its main supporters in terms of gender equality and sustainability, benefiting athletes from multiple sports. With this, Iberdrola's subsidiary is furthering its commitment to strengthening women's sport in the South American country, which began with the sponsorship of the Brazilian national football team and the national club championship − Brasileirão Feminino Neoenergia. Through this partnership, Neoenergia, a benchmark in Brazil's energy transition, will support the COB in its decarbonisation goals, providing the sports body with energy solutions and implementing sustainability actions that will reduce CO2 emissions from its Centro de Entrenamiento Time Brasil (Time Brazil Training Centre), located in Rio de Janeiro. Global commitment to promoting equality through sport Brazil and Spain are not the only examples of the global and pioneering commitment to women's sport that Iberdrola began in 2016. In Scotland, its subsidiary ScottishPower is the main sponsor of Scottish Women's Football (SWF) and the Scottish league, as well as sponsor of the Scottish Youth Challenge Cups, in all three age groups, and of the Scottish Women's Highlands and Islands League. As part of its commitment to equity and inclusion, Iberdrola Mexico has launched the DestElla programme in Mexico to promote women’s growth and empowerment through sport. In this first phase, DestElla will promote the women's branch of the Mexican Rugby Federation. In Portugal, the company will be the main driver of all senior women's football until 2027, following the recent agreement reached with the Portuguese Football Federation (FPF) to sponsor the Portuguese national team and the FPF's club competitions: the BPI League, Portuguese Cup, Super Cup and League Cup. READ MORE
