Main corporate operations

We give Kansai a stake in the German offshore wind project Windanker, valued at 1.28 billion euros

On 12 December 2024, we gave Japanese utility Kansai a stake in our Windanker offshore wind project under construction in the German Baltic Sea. Kansai will acquire 49% of the project, while the Iberdrola Group will retain control with the remaining 51%.

The wind farm will have an installed capacity of 315 MW and will come into operation in the last quarter of 2026. The transaction values the project at EUR 1.28 billion, equivalent to EUR 4.1 million per MW and 13.5 times EBITDA. We will continue to manage the asset and provide construction, operation, maintenance and other corporate services.

The Windanker wind farm will have 21 wind turbines of 15 MW each and has already sold 100% of its output under long-term contracts. This agreement strengthens our relationship with Kansai and allows us to advance our strategy of alliances and asset rotation, consolidating growth and financial strength in high credit quality markets.

• Press release (12/12/2024): Iberdrola gives entry to Kansai into the German offshore wind project Windanker valued at 1.28 billion euros
• Notification to the CNMV (12/12/2024): Sale of a minority stake in the share capital of the owner company of the Windanker offshore wind farm [PDF]

We purchased the UK distributor Electricity North West (ENW)

On 22 October 2024, we closed the acquisition of 88% of Electricity North West (ENW) in the UK. The deal values 100% of the company, including debt, at approximately €5 billion.

This acquisition is part of Iberdrola's strategy to strengthen its network business in countries with strong ratings, such as the UK's AA credit rating. With this acquisition, the UK becomes the company's primary market in terms of network asset base value (€14 billion), followed by the US (€13.3 billion), as at the end of the first half of 2024. 

ENW distributes electricity to almost five million people in the North West of England, in locations such as Manchester and the Lake District and has approximately 60,000 km of electricity distribution networks. ENW is located in a prime area for Iberdrola, between the two existing ScottishPower networks license areas, in central and southern Scotland and Merseyside and North Wales.

• Press release (22/10/2014): Iberdrola closes the purchase of the British distributor ENW
• Notification to the CNMV (22/10/2014): Closing of the acquisition of an interest of 88% of the share capital of "Electricity North West Limited" [PDF]
• Press release (02/08/2024): Iberdrola acquires €5 billion valued Electricity North West in the UK
• Notification to the CNMV (02/08/2024): Agreement for the acquisition of an interest of approximately 88% in Electricity North West [PDF]
• Notification to the CNMV (02/08/2024): Acquisition of an interest of approximately 88% in Electricity North West Limited – analysts presentation [PDF]
• Call: broadcast, questions and answers [MP3] 5.1 MB

Iberdrola and Avangrid reach an agreement to acquire 100% of the American company

On May 17, 2024, we reached an agreement with Avangrid - our US subsidiary - to acquire the remaining 18.4 % of the share capital. The agreed price per share is $37.75 per share, an improvement over the original proposal made in the offer of $34.25 per share announced on March 7. This would represent an investment of 2,551 million dollars for Iberdrola - about 2,348 million euros at the exchange rate. On 27 September, 99% of votes cast by its shareholders approved the transaction.
 
The aim of this transaction is to increase exposure to the network business in the United States at a key moment for the Group, which wants to grow in markets with high credit ratings and in regulated businesses such as networks.

• Press release (26/09/2024): Avangrid shareholders approve Iberdrola's takeover of the company

• Notification to the CNMV (26/09/2024): In relation to the merger agreement for the acquisition of all of the shares of common stock of Avangrid not owned by Iberdrola [PDF]

• Press release (17/05/2024): Iberdrola and Avangrid reach an agreement to acquire 100% of the American company

• Notification to the CNMV (17/05/2024): Announcement of the merger agreement in relation to the acquisition of all of the shares of common stock of Avangrid not owned by Iberdrola. [PDF]

• Notification to the CNMV (17/05/2024): Information about the potential acquisition of all of the shares of common stock of Avangrid not owned by Iberdrola [PDF]

• Press release (7/03/2024): Iberdrola launches an offer to acquire 18.4% of its US subsidiary Avangrid.

• Notification to the CNMV (07/03/2024): Announcement of the filing of a non-binding indication of interest to acquire all of the Avangrid ordinary shares not owned by Iberdrola [PDF].

Co-investment with Norges Bank Investment Management for renewable energy development in Spain and Portugal

On 17 January 2024 we announced an alliance with Norges Bank Investment Management (NBIM) to co-invest more than €2 billion in renewables on the Iberian Peninsula over three years. Both companies are adding more than 1,300 MW of additional renewables to the agreement signed in January 2023, to reach 2,600 MW of new wind and photovoltaic capacity.

We are therefore maintaining an alliance to promote decarbonisation through a portfolio of assets worth €1,225 million, of which Iberdrola will hold a majority stake of 51% and NBIM the remaining 49%, representing a direct investment of around €600 million.

NBIM, which manages Norway's sovereign wealth fund, has been one of the Iberdrola Group's main investors for years and holds on average 1.4% of all listed companies worldwide and 2.5% of listed companies in Europe, making it a benchmark fund.

On 17 January 2024, we announced an alliance with Norges Bank Investment Management (NBIM) to co-invest more than €2 billion in renewables on the Iberian Peninsula within three years. In April, the two companies sealed their exclusive agreement and reached 2,500 MW of wind and PV capacity.

• Press release (25/04/2024): Iberdrola and Norges Bank Investment Management conclude negotiations to expand alliance to 2,500 MW of renewables in Iberia

• Press release (17/01/2024): Iberdrola and Norges Bank Investment Management double their alliance, with more than €2 billion renewable energy investment planned in Spain and Portugal

• Notification to the CNMV (17/01/2024): New framework co-investment agreement with NBIM Iberian Reinfra AS for the joint development of a portfolio of renewable assets in Iberia [PDF]

• Press release (31/05/2023): We finalised with Norges Bank Investment Management details of our alliance to develop 1,265 MW of renewables in Spain and negotiate an additional 500 MW

• Notification to the CNMV (31/05/2023): Closing of the framework co-investment agreement with NBIM Iberian Reinfra AS for the joint development of a portfolio of renewable assets in Spain [PDF]

• Press release (17/01/2023): We signed a partnership with Norges Bank Investment Management to co-invest in 1,265 MW of new renewable capacity in Spain

• Notification to the CNMV (17/01/2023): Framework co-investment agreement for the joint development of a portfolio of renewable assets in Spain [PDF]

The New Iberdrola Mexico

On 5 April 2023, we presented The New Iberdrola Mexico – an agreement to sell 8,539 MW in Mexico for approximately $6 billion between subsidiaries of Iberdrola Mexico and Mexico Infrastructure Partners ("MIP"). The transaction has received financial support from Mexico's National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government.

The binding agreement to sell 55% of the business in Mexico was signed on 12 June 2023. In February 2024, after obtaining the necessary regulatory authorisations and approvals, the Iberdrola Group closed the sale of 55% of its business in the country for around $6.2 billion (around €5.8 billion). The transaction involved the transfer of 13 generation plants with an installed capacity of 8,539 MW, of which 99% corresponds to combined cycle gas and 87% to plants operating under the Independent Power Producer regime, contracted with the CFE (Federal Electricity Commission).

Through this new divestment in Mexico, which was closed in accordance with the terms agreed in June 2023, Iberdrola Group reinforces its commitment to decarbonisation objectives and reaffirms its leadership in the development of renewable energies in the country.

• Press release (26/02/2024): Iberdrola closes the sale of 55% of its business in Mexico for $6.2 billion

• Notification to the CNMV (26/02/2024): Closing of the share purchase agreement relating to the sale of power generation assets with an installed capacity of 8,539 MW in Mexico [PDF]

• Press release (12/06/2023): Signed binding agreement to sell 55% of Mexico business for US$6 billion

• Notification to the CNMV (12/06/2023): Entry into share purchase agreement relating to the sale of generation assets with an aggregate installed capacity of 8,539 MW in Mexico [PDF]

• Press release (04/04/2023): We signed an agreement to sell more than 8,400 MW of gas-fired combined cycle plants for $6 billion

• Press release (04/04/2023): Galán and AMLO meet and announce their commitment to the development of renewable energies in Mexico

• Notification to the CNMV (04/04/2023): Agreement of intentions for the sale of generation assets with an installed capacity of 8,539 MW in Mexico [PDF]

• Presentation "The New Iberdrola Mexico" [PDF]

• Questions and Answers [MP3] (English version) 32.6 MB

Launch of Iberdrola and bp pulse joint venture to create the largest fast and ultra-fast charging network in Spain and Portugal

On 1 December 2023, the new company between Iberdrola and bp pulse is announced, the result of the strategic alliance between the two energy companies to create the most extensive fast and ultra-fast public charging network in the Iberian Peninsula.

This alliance begins its activity with more than 300 public charging points in operation, and aims to reach 5,000 points on the peninsula by 2025, and to reach 11,700 fast and ultra-fast charging points for electric vehicles by 2030, all with 100% renewable energy. With this deployment, the company seeks to democratise access to electric vehicles and facilitate the transition to a more sustainable mobility model.

• Press release (01/12/2023): Iberdrola and bp pulse launch their fast and ultrafast charging joint venture in Spain and Portugal

• Notification to the CNMV  (01/12/2023): Closing of the incorporation of a joint venture with BP for the deployment and operation of a network of fast charging points for electric vehicles in Spain and Portugal [PDF]

• Press release (02/03/23): We signed a strategic alliance with bp to accelerate the deployment of electric mobility

• Notification to the CNMV (02/03/23): Strategic alliance with BP for the deployment of a network of fast charging points for electric vehicles in Spain and Portugal [PDF].

• Press release (22/07/22): Iberdrola and BP reach agreement to accelerate the deployment of refuelling infrastructure and the production of green hydrogen

Strategic agreement with Masdar to co-invest in Baltic Eagle offshore wind farm in Germany

On November 2, 2023, after obtaining the necessary regulatory approvals, we formalised our strategic agreement with Masdar –announced in July of the same year– to co-invest in the Baltic Eagle offshore wind farm (Germany), which has a capacity of 476 MW and is valued at €1.6 billion. Under the terms of the deal, we will have a 51% majority stake in the assets, accelerating energy independence in Europe.

This agreement is considered a transaction of strategic importance, for both Iberdrola and Masdar, a major renewable energy group based in Abu Dhabi, and a key milestone that strengthens a partnership that will allow us to explore further investment opportunities in renewable energy across technologies and regions.

• Press release (02/11/2023): Iberdrola and Masdar close their 1.6 billion euros alliance to develop offshore wind in the Baltic Sea

• Notification to the CNMV (02/11/2023): Closing of the sale of a minority stake of 49 % in the share capital of the owner company of the Baltic Eagle offshore wind farm [PDF]

• Press release (26/07/2023): Masdar joins Iberdrola to co-invest in the Baltic Eagle wind farm in Germany

• Notification to the CNMV (26/07/2023): Sale of a minority stake of 49% in the share capital of the owner company of the Baltic Eagle offshore wind farm [PDF]

Partnership with GIC for the expansion of transport networks in Brazil

On 26 April 2023, we announced our strategic alliance with GIC, one of the world's leading institutional investors, for the development of transmission grids in Brazil worth 2.4 billion Brazilian reals (€430 million). Both companies will co-invest in transmission operating assets with a total of 1,865 km of transmission lines and an annual return of BRL 430 million (around EUR 77 million), with an average concession term of 25 years. 

Through Neoenergia Enlace externo, se abre en ventana nueva., our subsidiary in Brazil, we will have a 50% stake in the company, valued at 1.2 billion Brazilian reals (€215 million). This transaction is carried out at a multiple of 13 times EBITDA. We have also signed a framework agreement with GIC to jointly participate in future tenders for electricity transmission assets in the South American country.

• Press release (30/09/2023): GIC and Iberdrola close strategic alliance to develop transmission networks in Brazil for 456 million euros

• Press release (26/04/2023): We seal strategic alliance with GIC for expansion of transmission networks in Brazil

We strengthen our alliance with Mapfre reaching €500m of co-investment

In March 2023, we announced the addition of 150 MW of operational photovoltaic capacity to the 295 MW of wind power capacity we already had in the portfolio of the company created with Mapfre in 2021. With this operation we reached 445 MW of green power and €500 million of co-investment, increasing the joint investment in renewable energies between two leading companies while diversifying the portfolio with new solar photovoltaic assets. 

Energías Renovables Ibermap is a pioneering co-investment vehicle that we created together with the insurance company as part of our asset rotation strategy and its commitment to sustainable investments in Spain, and which envisages the incorporation of more assets in the future. Thanks to the new solar photovoltaic capacity, Iberdrola becomes the majority shareholder, with 51% of the company, while MAPFRE consolidates its position with the remaining 49%.

• Press release (31/03/2023): We strengthen our strategic alliance with MAPFRE by reaching almost 450 MW of renewable energy in Spain.

• Press release (12/04/21): Iberdrola and MAPFRE move forward in their strategic alliance, which incorporates 100 new MW through a joint company