Corporate operations

Information on some of the company's most important corporate transactions

This section contains extended information on some of the Iberdrola Group's main corporate transactions, aligned with the fulfilment of the financial strength objectives of our Strategic Plan. It is worth mentioning the early completion of the rotation plan of non-core assets, as well as the alliances to convert with leading global funds. Access the documentation on the agreements reached and the webcast of their presentations.

Iberdrola and Avangrid reach an agreement to acquire 100% of the American company

Sede de Avangrid en Connecticut
Avangrid's headquarters located in Orange, Connecticut, US

On May 17, 2024, we reached an agreement with Avangrid - our US subsidiary - to acquire the remaining 18.4 % of the share capital. The agreed price per share is $37.75 per share, an improvement over the original proposal made in the offer of $34.25 per share announced on March 7. This would represent an investment of 2,551 million dollars for Iberdrola - about 2,348 million euros at the exchange rate. 
 
The aim of this transaction is to increase exposure to the network business in the United States at a key moment for the Group, which wants to grow in markets with high credit ratings and in regulated businesses such as networks.

Co-investment with Norges Bank Investment Management for renewable energy development in Spain and Portugal

Acuerdo Iberdrola Norges
Iberdrola's wind farm in Spain

On 17 January 2024 we announced an alliance with Norges Bank Investment Management (NBIM) to co-invest more than €2 billion in renewables on the Iberian Peninsula over three years. Both companies are adding more than 1,300 MW of additional renewables to the agreement signed in January 2023, to reach 2,600 MW of new wind and photovoltaic capacity.

We are therefore maintaining an alliance to promote decarbonisation through a portfolio of assets worth €1,225 million, of which Iberdrola will hold a majority stake of 51% and NBIM the remaining 49%, representing a direct investment of around €600 million.

NBIM, which manages Norway's sovereign wealth fund, has been one of the Iberdrola Group's main investors for years and holds on average 1.4% of all listed companies worldwide and 2.5% of listed companies in Europe, making it a benchmark fund.

On 17 January 2024, we announced an alliance with Norges Bank Investment Management (NBIM) to co-invest more than €2 billion in renewables on the Iberian Peninsula within three years. In April, the two companies sealed their exclusive agreement and reached 2,500 MW of wind and PV capacity.

The New Iberdrola Mexico

Operación corporativa La Nueva México
Combined cycle plant in Nuevo León (Mexico)

On 5 April 2023, we presented The New Iberdrola Mexico – an agreement to sell 8,539 MW in Mexico for approximately $6 billion between subsidiaries of Iberdrola Mexico and Mexico Infrastructure Partners ("MIP"). The transaction has received financial support from Mexico's National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government.

The binding agreement to sell 55% of the business in Mexico was signed on 12 June 2023. In February 2024, after obtaining the necessary regulatory authorisations and approvals, the Iberdrola Group closed the sale of 55% of its business in the country for around $6.2 billion (around €5.8 billion). The transaction involved the transfer of 13 generation plants with an installed capacity of 8,539 MW, of which 99% corresponds to combined cycle gas and 87% to plants operating under the Independent Power Producer regime, contracted with the CFE (Federal Electricity Commission).

Through this new divestment in Mexico, which was closed in accordance with the terms agreed in June 2023, Iberdrola Group reinforces its commitment to decarbonisation objectives and reaffirms its leadership in the development of renewable energies in the country.

Launch of Iberdrola and bp pulse joint venture to create the largest fast and ultra-fast charging network in Spain and Portugal

Iberdrola bp pulse
Iberdrola and bp pulse's joint venture electric station

On 1 December 2023, the new company between Iberdrola and bp pulse is announced, the result of the strategic alliance between the two energy companies to create the most extensive fast and ultra-fast public charging network in the Iberian Peninsula.

This alliance begins its activity with more than 300 public charging points in operation, and aims to reach 5,000 points on the peninsula by 2025, and to reach 11,700 fast and ultra-fast charging points for electric vehicles by 2030, all with 100% renewable energy. With this deployment, the company seeks to democratise access to electric vehicles and facilitate the transition to a more sustainable mobility model.

Strategic agreement with Masdar to co-invest in Baltic Eagle offshore wind farm in Germany

Baltic Eagle
The offshore substation of the Baltic Eagle offshore wind farm (Germany)

On November 2, 2023, after obtaining the necessary regulatory approvals, we formalised our strategic agreement with Masdar –announced in July of the same year– to co-invest in the Baltic Eagle offshore wind farm (Germany), which has a capacity of 476 MW and is valued at €1.6 billion. Under the terms of the deal, we will have a 51% majority stake in the assets, accelerating energy independence in Europe.

This agreement is considered a transaction of strategic importance, for both Iberdrola and Masdar, a major renewable energy group based in Abu Dhabi, and a key milestone that strengthens a partnership that will allow us to explore further investment opportunities in renewable energy across technologies and regions.

Partnership with GIC for the expansion of transport networks in Brazil

Galán y Lula
Transport line in the state of Mato Grosso do Sul (Brazil)

On 26 April 2023, we announced our strategic alliance with GIC, one of the world's leading institutional investors, for the development of transmission grids in Brazil worth 2.4 billion Brazilian reals (€430 million). Both companies will co-invest in transmission operating assets with a total of 1,865 km of transmission lines and an annual return of BRL 430 million (around EUR 77 million), with an average concession term of 25 years. 

Through Neoenergia Enlace externo, se abre en ventana nueva., our subsidiary in Brazil, we will have a 50% stake in the company, valued at 1.2 billion Brazilian reals (€215 million). This transaction is carried out at a multiple of 13 times EBITDA. We have also signed a framework agreement with GIC to jointly participate in future tenders for electricity transmission assets in the South American country.

We strengthen our alliance with Mapfre reaching €500m of co-investment

Acuerdo Iberdrola y Mapfre
50 MW Olmedilla photovoltaic plant in Cuenca (Spain)

In March 2023, we announced the addition of 150 MW of operational photovoltaic capacity to the 295 MW of wind power capacity we already had in the portfolio of the company created with Mapfre in 2021. With this operation we reached 445 MW of green power and €500 million of co-investment, increasing the joint investment in renewable energies between two leading companies while diversifying the portfolio with new solar photovoltaic assets. 

Energías Renovables Ibermap is a pioneering co-investment vehicle that we created together with the insurance company as part of our asset rotation strategy and its commitment to sustainable investments in Spain, and which envisages the incorporation of more assets in the future. Thanks to the new solar photovoltaic capacity, Iberdrola becomes the majority shareholder, with 51% of the company, while MAPFRE consolidates its position with the remaining 49%.

Other major operations

Sale of our renewable business in Romania

Iberdrola sells 100% of the wind energy company Dobrogea One to the energy company Premier Energy Group. Iberdrola operated 80 MW of wind energy in Romania through Dobrogea One. A deal worth €88 million, as part of the Group's plan to divest non-strategic assets.

Press release (29/04/2024): Iberdrola sells its wind power assets in Romania for €88 million.

Acquisition of two onshore wind farms in Poland

Iberdrola has purchased two wind farms owned by Greenvolt Power, which come on stream in the second half of 2023. The total capacity of both is 50 MW, generating enough energy to cover the needs of 50,000 polosh households per year.

Information Note (29/04/2024): Purchase finalised of two Greenvolt Power onshore wind farms in Poland.