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 enhances Iberdrola’s network business in the UK, a country with an AA credit rating, now making it the company’s leading market for network assets, valued at €14 billion ($15.09 billion), surpassing its network assets in the US (€13.3 billion as of mid-2024). With this acquisition, Iberdrola became the UK’s second-largest electricity network operator.
Iberdrola’s UK network now extends to 170,000 km, serving 12 million people and employing over 8,500 staff. The company has also formed a shareholders’ agreement with a consortium of Japanese investors led by Kansai, retaining a 12% stake in ENW. The deal is currently under review by the UK Competition and Markets Authority.
In a recent development, Iberdrola launched the 496 MW Saint-Brieuc offshore wind farm off the coast of Brittany in September 2024.