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Iberdrola acquires 88% stake in Electricity North West

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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

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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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France to launch 9.2 GW offshore wind tenders

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France is preparing to launch tenders for two fixed and three floating offshore wind farms, totalling 9.2GW, in the autumn and winter of 2024/25.  The French Energy Ministry has identified key locations for these projects, including offshore areas near Fecamp in northwest France, Brittany, the western Gascogne Gulf, and the southern Mediterranean coast. French Energy Minister Olga Givernet, during a visit to Fecamp, emphasized that the installations align with France’s strategy to reach 45 GW…

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UK secures £24bn in green energy investments

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The UK government has secured over £24 billion ($31.39 billion) in private investments for innovative energy projects ahead of the International Investment Summit on 14 October 2024. These investments are expected to create thousands of jobs and drive growth in the UK’s clean energy sector, spanning from Yorkshire to Suffolk, Aberdeen, and Stow. Key companies involved include Iberdrola, Ørsted, SeAh Wind, Macquarie, BW Group, and Holtec, with substantial commitments to renewable energy projects. Iberdrola’s subsidiary…

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

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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

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

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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…