Iberdrola raises €5bn to fund grid investments in US and UK

Iberdrola has completed a €5 billion (USD 5.8 billion) capital raise to support its electricity grid investments in the United States and the United Kingdom. The company issued 331 million new shares through an accelerated bookbuilding process, with the offering 3.8 times oversubscribed.

Shares were priced at €15.15 each. This marks Spain’s largest accelerated bookbuild since Banco Santander’s €7.5 billion raise in 2015. The funds will support a €55 billion investment opportunity in regulated electricity grids over 2026–2031, a 75 per cent increase compared to the previous six-year period.

Iberdrola is focusing on markets with stable regulatory frameworks and predictable returns. The capital raise is part of a broader financing strategy that includes internal cash generation, debt markets, asset rotation, and partnerships. Further details will be shared during the company’s Capital Markets Day on 24 September 2025.