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Iberdrola acquires 88% stake in Electricity North West

Global, News

Iberdrola has finalized the acquisition of an 88% stake in UK-based Electricity North West (ENW), valuing the entire company, including debt, at €5 billion ($5.4 billion). ENW serves approximately 5 million people across northwest England, including Manchester and the Lake District, managing 60,000 km of distribution networks. This acquisition is strategically significant for Iberdrola, as ENW is situated between the existing ScottishPower network regions in Scotland and areas in Merseyside and North Wales. The move…

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EIB grants €120 million loan to Iberdrola for energy innovation in Spain

Global, News

The European Investment Bank (EIB) has signed a €120 million loan agreement with Iberdrola to support research and innovation in energy technologies, focusing on accelerating electrification and decarbonisation. The total investment associated with these initiatives amounts to €250 million. The funding will be directed toward the development of renewable energy technologies, including solar photovoltaic, hydro, wind power, hybrid, and agrovoltaic projects. It will also support research into decarbonisation technologies such as green hydrogen and heat…

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Iberdrola to acquire remaining 18% stake in Avangrid for $2.55bn

Global, News

Spanish utility Iberdrola has announced that Avangrid shareholders have approved its $2.55 billion proposal to acquire the remaining 18% stake in the company. Shareholders will receive $35.75 per share, representing a 15.2% premium over the 30-day weighted average price before the acquisition’s March announcement. The acquisition will enhance Avangrid’s ability to secure financial resources needed for investments in transmission and distribution networks in states like New York, Connecticut, Maine, and Massachusetts. Following regulatory clearances, Avangrid…

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Iberdrola inaugurates Saint-Brieuc offshore wind farm in France

Global, News

Spanish utility Iberdrola has officially inaugurated the 496 MW Saint-Brieuc offshore wind farm, located 16km off the coast of Brittany, France. Built with a €2.4 billion ($2.6 billion) investment, the project is fully operational and can generate 2,000 GWh of clean energy annually, making it one of the most powerful offshore wind farms in France. The Saint-Brieuc wind farm features 62 Siemens-Gamesa turbines, each with an 8 MW capacity. Key partners in the project included…

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Qatar considers increasing stake in Iberdrola beyond 10%

Global, News

Qatar Investment Authority (QIA), with assets valued at $475 billion, is looking to increase its stake in Spain’s leading utility company, Iberdrola, from 8.8% to over 10%, according to local Spanish media reports. This move would further solidify QIA’s position as Iberdrola’s largest shareholder, surpassing BlackRock (5.395%) and Norges (3.115%). QIA began its investment in Iberdrola in 2011 with a 6.16% stake, peaking at 9.7% in 2017. Any increase in shareholding would likely only impact…

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BP, Iberdrola to build 25 MW green hydrogen project in Spain

Global, News

BP and Iberdrola have established a 50:50 joint venture to develop a 25 MW green hydrogen project in Castellón, Spain. The project has reached its final investment decision and is set to support the decarbonization of BP’s refinery operations by 2026, reducing CO2 emissions by 23,000 tons annually. The initiative has secured €15 million in funding from the Spanish Recovery, Transformation, and Resilience Plan, supported by NextGenerationEU. The plant is expected to create up to…

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Iberdrola wins 791 MW offshore wind project in Massachusetts

Global, News

Iberdrola, through its US subsidiary Avangrid, has won a 791 MW contract to develop the New England Wind 1 offshore wind farm, which will provide clean energy to 400,000 homes in Massachusetts. The project is expected to attract $3 billion in regional investments, including a new marshalling port in Salem and a wind manufacturing facility in New Bedford. Construction is set to begin in 2025, pending approval of the power purchase agreement, with full operations…

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Iberdrola begins construction of 376 MW Broadsound solar project in Queensland

Global, News

Iberdrola’s Australian subsidiary has commenced construction of the 376MW Broadsound Solar and 180MW battery energy storage system (BESS) project in Queensland. The project, expected to be completed by mid-2026, will generate power for 145,000 homes and create up to 350 jobs during its two-year construction phase. Located near Rockhampton, the Broadsound project will be situated on the land of the Barada Kabalbara Yetimarala people, with Iberdrola establishing a community benefit fund to support local needs…

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Iberdrola secures grid access for 100MW solar PV plant in Basque Country

Global, News

Iberdrola has secured grid access for its 100 MW Ekienea solar PV project in the Basque Country, Spain. The project is a private-public collaboration involving the Basque Energy Agency (EVE), the regional council of Alava, and the Mondragon Group, a Basque cooperative of companies.

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Iberdrola acquires 88% stake in Electricity North West for €2.5 billion

Global, News

Spanish utility company Iberdrola has acquired an 88% stake in Electricity North West (ENW) for an equity value of €2.5 billion ($2.7 billion), valuing the company, including its debt, at €5 billion. Since merging with ScottishPower in 2007, Iberdrola has viewed the UK as a key investment destination, investing €36 billion. ScottishPower is the UK’s only fully green integrated utility. The acquisition positions the UK at the forefront of Iberdrola’s markets by regulated asset base,…