Iberdrola acquires PNM Resources in the US, the utility of New Mexico and Texas
The integration into AVANGRID will create one of the largest companies in the US utility industry with 10 regulated electricity companies in 6 states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the third largest renewable energy operator in the United States with a total presence in 24 states. The acquisition implies an Enterprise Value of approximately $8.3 billion.
Iberdrola increases investments by 23 % to €6.64 billion as of September, with net profit up 5 % to €2.68 billion
During the presentation of the results for the first nine months of the year, chairman Ignacio Galán explained that "despite the difficult environment in which we operate, the acceleration of our investments is opening up enable us to continue being a key driver of economic recovery and job creation, while improving our financial results." An activity that allowed the group to incorporate 4,600 new MW of capacity in the last year and is progressing construction of another 7,600 MW.
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