Noticias
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01/10/2024The Whitelee Visitor Centre in the United Kingdom celebrates its 15th anniversary The Whitelee Wind Farm Visitor Centre of ScottishPower Renewables, Iberdrola's UK renewable subsidiary, is celebrating its 15th anniversary. Opened to the public in September 2009, with the goal of bringing together energy and education, the interactive exhibition, learning centre and café have become a popular destination, already attracting over one million visitors. You can read the full story in the ScottishPower Renewables Newsroom. READ MORE
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30/09/2024 - 09:00 UTC +02:00Neoenergia completes the acquisition of 100 % of its distribution company Cosern Neoenergia, Iberdrola’s subsidiary in Brazil , has completed the takeover bid for Neoenergia Cosern on the São Paulo Stock Exchange, or B3. It thus raises its stake from 93.09 % (pre-bid) to 100 % in the distributor operating in Rio Grande do Norte. The transaction responds to Neoenergia’s investment effort in the distribution segment and its confidence in the performance of Neoenergia Cosern and its employees. It also emphasises its commitment to a sustainable business model that generates value for its stakeholders. The distributor is present in 167 municipalities in the state of Rio Grande do Norte, its concession area covers 53,000 square kilometres and serves 1.5 million customers (3.5 million people). You can read the full story on our Neoenergia Press Room page. READ MORE
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30/09/2024 - 09:00 UTC +02:00Iberdrola’s SP Energy Networks acquires tech company to boost UK distribution network efficiency Leading global energy company Iberdrola – through its UK business, SP Energy Networks – has completed a deal to acquire private technology company, Derryherk. Its technology improves data connectivity through its digital twin to enable innovative network fault detection, forecast capacity constraint and provide active management of the low voltage network. SP Energy Networks’ (SPEN) acquisition of the technology company builds on a previous commercial agreement and will support the integration of the innovative technology developed on to SPEN’s network, supporting SPEN’s net zero ambitions. The transaction also furthers Iberdrola’s growth in the UK through its ScottishPower businesses, with investment of £12 billion previously committed between 2024-2028 and boosted by the recent signing of agreements to acquire a majority acquisition of ENW (subject to the standard authorisations for this type of transaction) for c. £2.1 billion. Since merging with ScottishPower in 2007, Iberdrola has invested around £30 billion in the UK. SPEN’s network keeps electricity flowing 24/7 to more than 3.5 million homes and businesses throughout central & southern Scotland and Merseyside, Cheshire, North & Mid-Wales, and North Shropshire. Guy Jefferson, SP Energy Networks’ Chief Operating Officer, said: “The electricity network is critical to electrifying and decarbonising the economy to support a net zero future. This technology will take us another step forward in building the smart grid of the future that will power cleaner and greener lives.” READ MORE
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26/09/2024 - 16:48 UTC +02:00Avangrid shareholders approve Iberdrola's takeover of the company During their Annual General Meeting, Avangrid shareholders approved Iberdrola's acquisition of 18.4% of Avangrid's share capital through a merger operation. The transaction received overwhelming support from the company's shareholders: * The operation was supported by more than 99% of votes cast, compared to less than 1% of votes against. * Approximately 93% of shareholders voted in favour of the operation, excluding the votes of Iberdrola and QIA, which is a reference shareholder of the Spanish utility. The acquisition, which began in March, will result in Avangrid being delisted from trading on the US stock exchange. The operation will see the company chaired by Ignacio Galán pay $2.55 billion (around €2.3 billion). The transaction, which has already received approval from the federal regulator (FERC) and the Maine regulator (the latter pending publication), is expected to close before the end of the year, once the New York regulator grants authorisation. Avangrid, a leader in grids and renewables The operation will allow Iberdrola to continue its strong growth in the US after more than 20 years in the country. Nearly a decade ago, Iberdrola merged its North American subsidiary with the listed UIL Holdings to create Avangrid, which has been listed on the NYSE ever since. Thanks to the company's growth over the last decade, Avangrid now has assets of $46 billion. The company distributes electricity to seven million people in the states of New York, Connecticut, Maine and Massachusetts and has an installed capacity of 8,700 MW of renewable power in 24 states. It also has 8,000 employees. Operation key to accelerating growth in the United States Avangrid is looking at $30 billion of growth opportunities through the end of the decade in transmission and distribution grids (in New York, Connecticut, Maine and Massachusetts), offshore wind (following the recent award of the New England 1 wind farm), solar PV and onshore wind (especially in repowering). The transaction approved today will allow Avangrid to access additional financial resources to undertake these investments more quickly. Iberdrola's Executive Chairman, Ignacio Galán , said that “the transaction is fully aligned with our strategy of investing in grids in countries with high credit ratings, such as the United States. Avangrid will have all the resources it needs to continue growing in transmission and distribution, and also in renewable technologies such as offshore wind”. The terms of the operation Shareholders of Iberdrola's US subsidiary will receive €35.75 per share, a 15.2% premium over the average share price in the 30 days prior to the announcement. READ MORE
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26/09/2024 - 15:00 UTC +02:00Green light for Iberdrola's new reversible pumped-storage hydroelectric power plant in Alcántara (Spain) The project for the construction of the new Alcántara II reversible hydroelectric pumping station , located in Alcántara (Extremadura, in southwest Spain ), has obtained a favourable Environmental Impact Statement (EIS), according to a resolution of the Ministry for Ecological Transition and the Demographic Challenge. As a result, the project has a favourable EIS and a permit for access to the grid, and is awaiting the next issuance of the prior administrative authorisation. This reversible pumped-storage power plant in Spain will have an installed capacity of 440 MW, allowing reversible energy storage of 16 million kWh, equivalent to the average daily consumption of more than 4 million people, and providing a firmness to the electricity system of up to 37 hours with the machines at full load. This plant will be able to generate more than 1,000 additional GWh per year using the same water resources as before, thereby avoiding the emission of an estimated 355,000 tonnes of CO2 per year and contributing to the decarbonisation of the electricity system through greater integration of non-manageable renewable energies, solar and wind , providing the electricity system with greater capacity for adaptation and response. With regard to its design, the plant will use the reservoirs created by the existing dams, taking into account the important environmental and heritage conditions of the surroundings, so that all the hydraulic circuits have been designed underground, including the power plant, which has been designed in a shaft. The new plant will connect the lower reservoir of Cedillo and the upper reservoir of Alcántara by means of a double underground hydraulic circuit 0.9 km long and will take advantage of the difference in level between the reservoirs of up to 108 m by means of two reversible turbines with a capacity of 220 MW. This ‘reversible’ plant will improve the management and use of the existing hydroelectric system on the Tagus river, generating zero impact on the remaining users of the Tagus river, since in addition to making ‘non-consumptive’ use of the water resources of both reservoirs, as is already the case in all hydroelectric plants , it will reuse the same water in its operation. Pumped hydro: the most efficient large-scale storage system These ‘reversible’ or pumped-storage plants have two reservoirs that operate as a ‘closed loop’. The upper reservoir acts as a ‘giant battery’ storing potential energy in the form of water that is turbined to the lower reservoir to generate electricity when the system requires it. Once turbined, this water, now contained in the lower reservoir (lower reservoir), is pumped during off-peak hours to the higher reservoir (upper reservoir) following the same route, but in the opposite direction, operating as a closed loop. Today, pumped hydro is the most efficient large-scale storage system available. It allows the storage of surplus energy from unmanageable renewable energy sources, solar and wind, to be delivered at the times when it is most needed, providing stability to the electricity system, as it can generate significant amounts of clean energy with a very fast response time. In reference to the environmental aspects of the project, the set of measures adopted to protect birdlife, terrestrial fauna, aquatic fauna and local flora stand out, having established a set of measures with cross-border scope to improve biodiversity, or the use of recycled materials promoting the circular economy. Innovative storage project for the IDAE The project was awarded 44.9 million euros last July by the Institute for Energy Diversification and Saving (IDAE) for being considered ‘the best proposal in terms of economic viability and technical characteristics enabling the integration of renewables’, having obtained the maximum aid per installed capacity and the highest total score in the framework of the Recovery, Transformation and Resilience Plan - financed by the European Union - Next GenerationEU. READ MORE
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24/09/2024 - 16:34 UTC +02:00Ignacio Galán at NYC Climate Week: ‘We can supply the clean electricity the world needs’ The Executive Chairman of Iberdrola, Ignacio Galán, took part in Climate Week 2024 in New York City. His presence at the event reflects the company's ongoingcommitment to the energy transition, a path which puts Iberdrola in alignment with United Nations' goals. During his trip, the Executive Chairman of Iberdrola stated that the future of the planet lies in transforming the demand for fossil energy into electricity from renewable sources. ‘We believe that things are progressing in the world, maybe not at the speed we all would like, but they are progressing. We need to generate demand for electrification by modifying a lot of the uses for fossil energy. For example, everything related to air conditioning and transport, but we also need electricity grids to carry this out, he explained. Galán insisted on the advantages of green technologies over fossil fuels. ‘Renewable energies today are more competitive than fossil fuels. If we compare new fossil energy plants with new renewable energy plants, the investment required is lower for renewables, the maintenance cost is lower and, what's more, there is no variable cost. They are not subject to fluctuations in fuel prices’, he said. Among the many meetings he attended, the Iberdrola Executive Chairman took part in the TIME100 Climate Leadership Forum held in New York, which brings together executives from the companies with the highest commitment to combatting climate change. He also appeared at a roundtable discussion with US Secretary of Energy Jennifer Granholm, and Fatih Birol, the executive director of the International Energy Agency. The panel, titled The Clean Energy Transition is Already Underway, addressed the global energy transition, the progress of renewable energy deployment and the impact of policies such as the Inflation Reduction Act in the United States. Galán pointed out that Iberdrola's focus on clean energy has allowed the company to grow considerably over the past two decades, with ambitious investment plans focused on supporting the coming energy transition, including $30 billion - almost €27 billion - in the US alone until 2030. Galán again referred to ‘stable and predictable regulations’ to guarantee investment in renewables and progress in the energy transition. ‘We can supply the clean electricity the world needs,’ he said. In November 2023, just before COP28, Galán was included in the inaugural TIME100 Climate list, which recognises the 100 most innovative leaders driving climate action in business. Committed to the energy transition Iberdrola is one of the companies with the highest commitment to the energy transition. In fact, this week it emerged that it is one of the leading companies in terms of climate change policies, according to a ranking prepared by the InfluenceMap consulting firm. Under Galán's leadership over the past two decades, Iberdrola has invested more than €160 million to drive the transition to clean energy. Iberdrola's focus on renewables, smart grids and storage has placed it at the forefront of the energy transition. The company has pledged an investment €46 billion to support the transition until 2026. In the last two decades, Iberdrola has gone from being the twentieth-largest utility in the world in terms of market capitalisation to one of the top three, while leading the industry in climate ambition. Its stock market value, which is at an all-time high, exceeds €86 billion. Galán has overseen the closure of Iberdrola's 17 coal and fuel oil plants worldwide while establishing an industry-leading renewable energy capacity of more than 43,400 megawatts. READ MORE
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23/09/2024 - 19:19 UTC +02:00Iberdrola closes the largest senior bond issue in its history for 2.15 billion to continue growing in the UK, with strong investor support Iberdrola has once again successfully issued senior debt. It has closed the largest senior bond issue in its history. The company today placed bonds for €2.15 billion, which will be used to finance growth in the UK. The issue was made in three tranches – a three and a half year €650 million, a seven year €750 million and an eleven year €750 million – with demand reaching €7.4 billion, more than tripling the offer, with books oversubscribed by 3.4. Thanks to the interest of investors, who once again support the strategy of Europe's largest electricity company by market capitalisation, the weighted average cost of the transaction was set at below 3.12%, for an average life of more than 7.3 years. The electricity company chaired by Ignacio Galán agreed in August to acquire ENW for a total value of €5,000 million, including debt. With this transaction, the United Kingdom becomes the company's leading country in terms of network asset base, with around €14 billion euros, followed by the United States with €13.3 billion. The start of the new cycle of falling interest rates in the euro zone and the United States is one of the factors that Iberdrola has taken advantage of to enter the market. The prices it has obtained are very competitive, with a coupon of 2.625% for debt maturing in March 2028, 3% for debt maturing in September 2031, and 3.375% for debt maturing in September 2035. The ability of the company chaired by Ignacio Galán to access the financing markets is reaffirmed with this transaction. The banks involved in the operation were BBVA, BNP Paribas, Crédit Agricole, Mizuho, Sabadell, Barclays, CaixaBank, DBS, Banca IMI, ING, Morgan Stanley, MUFG, NatWest, Rabobank, RBC and Santander. Today's issue is the fifth public transaction in the market so far this year, following the €700 million hybrid bond issued in January, the CHF 335 million placement in the Swiss market at the end of June, the €750 million senior bond issued in July and the one in August, when Iberdrola placed USD 525 million (€490 million) through its US subsidiary. International confidence The market's confidence in Iberdrola is constant. In addition to the bond issues, the utility signed a €700 million green loan with the European Investment Bank for the expansion of electricity grids in Spain and extended its alliance with the World Bank with a €300 million green loan for renewable projects in emerging countries. It also signed a €500 million syndicated green loan with Cesce coverage together with ICO, Sabadell and HSBC. This loan, which has a repayment term of 15 years, contributed to strengthening the diversification of Iberdrola's sources of financing. At the end of December 2023, the company signed its largest credit line in history for €5.3 billion with 33 international banks. The cost of this operation was at the most competitive levels for Iberdrola, with prices similar to those of 2019, and the operation was oversubscribed by more than 40%, demonstrating the strong commitment of the banks to Europe's leading utility by capitalisation. This financial strategy complements and strengthens the historic investment plan launched by the company in March 2024, in which it announced the investment of €41 billion between 2024 and 2026. The plan aims to drive the economy’s electrification, with a strong push to electricity grids and renewables. READ MORE
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23/09/2024 - 09:00 UTC +02:00Iberdrola restores more than 1,000 hectares of wetlands at Whitelee wind farm in the UK Iberdrola, through its UK subsidiary ScottishPower, has completed one of the most ambitious peatland restoration projects authorised to date in the country. After more than 15 years of work, its Environment team has managed to restore 1,113 hectares of these valuable wetlands in the vicinity of the emblematic Whitelee wind farm. The initiative involved an investment of more than 1.63 million euros and represents a major advance in the conservation and protection of habitats and an important contribution to the mitigation of climate change. To date, the company has invested more than 4.5 million euros in this task in the different areas in which it operates. Peatlands are a type of wetland formed by the accumulation of decomposing organic matter, mainly moss, which is saturated with water. These ecosystems are essential for climate balance, as in good condition they store large amounts of carbon. However, when they degrade, they release greenhouse gases, which aggravate global warming. In Scotland, degraded peatlands are responsible for about 15% of national emissions. You can read the full story at the ScottishPower Newsroom. READ MORE
