Main corporate operations
Information on our most significant corporate transactions
This section provides detailed information on some of the Iberdrola Group’s key corporate transactions, which are designed to meet the financial stability objectives set out in our Strategic Plan.
The Iberdrola Group has an ambitious programme of asset rotation and strategic alliances aimed at maximising the value of its portfolio, financing new investments and maintaining its financial strength, focusing its investments on key businesses and markets, primarily in distribution networks in the United States and the United Kingdom, as well as in generation under long-term or regulated contracts.
Below you can find details of the company’s main corporate transactions.
The takeover bid to acquire 100% of our Brazilian subsidiary Neoenergia has been approved
On 9 April 2026 we published the results of the takeover bid we launched on 24 November 2025 for 16.2% of the share capital of our Brazilian subsidiary Neoenergia. Following this acquisition, we will hold a 100% stake in the company from mid-May 2026.
The transaction, aimed at delisting Neoenergia's shares from Brazil's B3 market and changing its classification with the CVM, involves the acquisition of 172.5 million shares at BRL33.77 each. A total investment of BRL5,826 million (approximately €980 million).
This price is equivalent to that paid in October 2025 for the acquisition of PREVI's 30.29% stake (R$32.5 per share), adjusted for Brazil's official interest rate (SELIC) and reduced by the extraordinary dividend declared by Neoenergia on 31 December 2025.
The transaction reaffirms our commitment to Brazil and will simplifies Neoenergia’s structure. As the country’s leading electricity distribution group, the company will benefit from greater operational and financial flexibility while reducing costs associated with maintaining its shares on the market.
Operation documentation: acquisition of Neoenergia
Iberdrola has completed the sale of its business in Mexico
On 24 April 2026, Iberdrola completed the sale of its business in Mexico. The transaction included 2,600 MW of installed capacity – across combined cycle plants, cogeneration and wind and photovoltaic assets – as well as the commercial activity and a pipeline of generation projects under development.
This divestment forms part of Iberdrola’s strategy to prioritise investment in its regulated networks businesses and generation with long-term contracts, and in markets such as the United States and the United Kingdom. Together with the capital increase completed in July 2025, operating cash flow and the liquidity available at the time of the transaction, the sale strengthens the Group’s financial capacity to double its regulated asset base to €90 billion in the coming years.
Operation documentation: sale of assets in Mexico
We are expanding our alliance with GIC to develop transmission networks in 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 networks in Brazil worth BRL 2.4 billion (approximately €430 million). Through Neoenergia 
, our subsidiary in Brazil, we acquired 50% stake in the joint venture Neoenergia Transmissão – valued at BRL 1.2 billion (approximately €215 million) – in a transaction carried out at a multiple of 13 times EBITDA.
We began jointly operating assets that in 2023 comprised 1,865 kilometres of transmission lines, with an estimated annual return of BRL 430 million (approximately €77 million) and an average concession period of 25 years. In addition, we signed a framework agreement with GIC to jointly participate in future tenders for electricity transmission assets in the South American country.
As a result of this agreement, on 23 April 2025 Neoenergia sold half of its stake in the Itabapoana transmission network to the Singapore sovereign wealth fund, GIC. The transaction was valued at BRL 127.5 million (approximately €19 million).
Along the same lines, on 28 April 2026 Neoenergia signed a new agreement providing for GIC’s entry as a partner in a portfolio of seven projects in the states of Santa Catarina, São Paulo, Minas Gerais, Rio de Janeiro, Mato Grosso do Sul, Bahia and Rio Grande do Norte, for around BRL 2.418 billion (approximately €412 million).
Neoenergia Transmissão is therefore among the five largest electricity transmission companies in Brazil, with a total of 16 projects across 12 states, representing approximately 6,710 kilometres of lines and a regulated asset base (RAB) of around BRL 25 billion (approximately €4.6 billion).
Operation documentation: partnership with GIC for networks in Brazil
We have acquired Previ’s stake in Neoenergia S.A.
On 31 October 2025, we completed the acquisition of Caixa de Previdência dos Funcionários do Banco do Brasil’s (“PREVI”) shareholding in Neoenergia, consolidating our position as the company’s majority shareholder. This purchase of the 30.29% stake held by PREVI in Neoenergia – agreed within the framework of the close collaboration that has always characterised relations between both parties – means that Iberdrola now controls approximately 84% of the company’s share capital.
The agreed price of 32.5 reals per share, set on 10 September 2025, represents an investment of more than €1.92 billion (11.95 billion Brazilian reals). The transaction has obtained all the necessary regulatory approvals in accordance with the applicable legislation for this type of operation.
Neoenergia supplies electricity to around 40 million Brazilians through five distributors (in the states of Bahia, Rio Grande do Norte, Pernambuco, Sao Paulo, Mato Grosso do Sul and Brasilia) and 18 transmission lines, making it the country’s leading distribution group by number of customers. The company has more than 725,000 kilometres of distribution lines and 8,000 kilometres of transmission lines and has 3,800 MW of renewable generation capacity, mainly hydropower.
Operation documentation: acquisition of a stake in Previ
We are selling the UK smart meter business
On 9 September 2025, Iberdrola completed the sale of 100% of its smart meter subsidiary in the United Kingdom, SP Smart Meters Assets Limited (SPSMAL), to Macquarie, a global financial services group based in Australia. The transaction, announced in May of the same year, was valued at more than €1 billion and was approved by the UK competition authority.
This transaction is in line with Iberdrola's strategy of concentrating investments on regulated networks, mainly in the US and the UK. Therefore, its subholding ScottishPower will continue to collaborate with Macquarie to support the rollout of smart meters among its customers, while focusing on network development.
Operation documentation: sale of the smart meter business in the UK
Co-investment with Norges Bank Investment Management for renewable energy development in Spain and Portugal
On 17 January 2024, we announced the expansion of our alliance with Norges Bank Investment Management (NBIM) to co-invest more than €2 billion in renewables in the Iberian Peninsula over a three-year period. Shortly afterwards, in April 2024, the two companies signed an exclusivity agreement to build a renewable portfolio of 2,500 MW.
In September 2025, the relationship was strengthened with the addition of 708 MW of renewable capacity in Spain. This capacity was further increased in February 2026, reaching 1,500 MW of renewable capacity in operation thanks to the contribution of the Caparacena (330 MW) and Ciudad Rodrigo (316 MW) photovoltaic plants, located in the Spanish provinces of Granada and Salamanca, respectively.
NBIM, which manages Norway's sovereign wealth fund, has been one of the Iberdrola Group's main investors for years and holds on average 1.5% of all listed companies worldwide and 2.5% of listed companies in Europe, making it a benchmark fund.
Operation documentation: co-investment with Norges Bank Investment Management
Compramos la distribuidora inglesa Electricity North West (ENW)
The UK Competition and Markets Authority (CMA) approved in March 2025 the acquisition of an 88% shareholding in the electricity distribution network operator Electricity North West (ENW) by Iberdrola, S.A., through its subsidiary ScottishPower.
Electricity North West (ENW) has a total company value – 100% of the company, including debt – amounting to approximately €5 billion.
This acquisition is part of Iberdrola's strategy to strengthen its network business in countries with strong ratings, such as the UK's AA credit rating. With this acquisition, the UK becomes the company's primary market in terms of network asset base value (€14 billion), followed by the US (€13.3 billion), as at the end of the first half of 2024.
ENW, which distributes electricity to almost five million customers in the north-west of England and has 60,000 km of electricity grids, represents a unique opportunity for Iberdrola, as it is the company that falls between ScottishPower's two distribution companies in Scotland.
Iberdrola has an 88% stake and the consortium led by Kansai – Japan's second largest electricity company and one of the largest in Asia – owns the remaining 12%. Kansai also owns 49% of Windanker and is one of the Group's strategic partners in accelerating electrification in a variety of countries.
Operation documentation: acquisition of the distributor Electricity North West (ENW)
Strategic alliance with Kansai to accelerate electrification
On 24 April 2025, we closed the deal with Japanese utility Kansai – announced in December 2024 – to co-invest in our Windanker offshore wind farm under construction in the German Baltic Sea. Kansai will acquire 49% of the Iberdrola Group will retain control with the remaining 51%.
The wind farm will have an installed capacity of 315 MW and is expected to start operations in the last quarter of 2026. The deal values the project at €1.28 billion, equivalent to €4.1 million per MW and 13.5 times the EBITDA. We will continue to manage the asset and provide construction, operation, maintenance and other corporate services.
The Windanker park will feature 21 wind turbines, each with a capacity of 15 MW, and has already sold 100% of its production through long-term contracts. This agreement strengthens our relationship with Kansai and allows us to progress with our strategy of partnerships and asset rotation, consolidating growth and financial stability in high-credit-quality markets.
In February 2025, we announced the expansion of our strategic alliance with the Japanese electric utility Kansai with the aim of accelerating electrification on a global scale. This collaboration will focus on various electrical grid and renewable-energy projects in different countries.
This new partnership is a strategic milestone that will allow us to jointly explore other investment opportunities in different technologies and regions within the renewable-energy and electrical grid industry.
Operation documentation: strategic alliance with Kansai
We completed our merger with Avangrid and continue to grow in the United States
On 17 May, 2024, we reached an agreement with Avangrid – our US subsidiary – to acquire the remaining 18.4% of the company’s share capital. Months later, on December 23, 2024, after receiving authorisation from the Federal Regulatory Commission, the Maine state regulator and the state of New York, we successfully acquired the shares we did not already control, completing the merger with Avangrid.
Avangrid shareholders will receive $35.75 per share, and the company will no longer be listed on the New York Stock Exchange, but will remain headquartered in Connecticut.
This merger allows Iberdrola to invest more efficiently in the United States, after more than 20 years of presence in the country. The subsidiary will be able to participate in new energy infrastructure projects in its networks and renewables businesses more economically, representing a significant investment in local communities and generating hundreds of direct and indirect jobs.
Operation documentation: merger with Avangrid
The New Iberdrola 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.
Operation documentation: the New Iberdrola Mexico
Launch of Iberdrola and bp pulse joint venture to create the largest fast and ultra-fast charging network in Spain and Portugal
On 1 December 2023, the new company between Iberdrola and bp pulse was announced, resulting from a strategic alliance between the two energy companies to create the most extensive public fast and ultrafast charging network in the Iberian Peninsula.
This alliance began operations with more than 300 public charging points in service, aiming to reach 5,000 points across the peninsula by 2025, and 11,700 fast and ultrafast charging points for electric vehicles by 2030, all powered by 100% renewable energy. With this deployment, the company is seeking to democratise access to electric vehicles and facilitate the transition to a more sustainable mobility model.
Operation documentation: launch of Iberdrola and bp pulse joint venture
Strategic agreements with Masdar to drive the development of offshore wind in Europe and the US
Iberdrola and Masdar, the Abu Dhabi Emirate's renewables group, signed a strategic partnership in 2023 to jointly invest up to €15 B. As a result of this agreement, the two companies are evaluating the joint development of new offshore wind projects in Germany, the United Kingdom and the United States.
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.
Operation documentation: strategic agreements with Masdar
We strengthen our alliance with Mapfre reaching €500m of co-investment
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 photovoltaic solar capacity, Iberdrola became the majority shareholder with 51% of the company, while MAPFRE consolidated its position with the remaining 49%.
Operation documentation: strengthening the alliance with Mapfre
Other corporate operations
In addition, other smaller-scale operations have been carried out as part of the asset rotation plan.
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We agree to sell SP Dataserve in the UK
Iberdrola, through its UK subsidiary ScottishPower, has signed an agreement to sell SP Dataserve, a company providing commercial metering services to non-domestic customers in the UK, to IMServ. This sale forms part of Iberdrola’s active portfolio management strategy, which focuses on strengthening its core businesses and optimising the allocation of resources. The transaction follows the sale of the UK smart meter business to Macquarie in 2025, further simplifying the Group’s business profile in the country.
Press release (25/03/2026): Iberdrola agrees the sale of SP Dataserve
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Iberdrola accelerates growth in Australia with the acquisition of its first wind farm in the state of Victoria
Iberdrola has completed the acquisition of the Ararat wind farm, located in the state of Victoria, Australia, from Partners Group and OPTrust, after obtaining all the necessary approvals to carry out the operation. With this operation, the Group now has a presence in five states across the country: New South Wales, South Australia, Victoria, Queensland and Western Australia.
Press release (06/03/2026): Iberdrola accelerates growth in Australia with the acquisition of its first wind farm in the state of Victoria
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Iberdrola completes the sale of its onshore assets in France
Iberdrola France has sold 118 megawatts (MW) of operational onshore wind capacity to the renewable energy group Technique Solaire, along with a project portfolio of 639MW of onshore wind and solar photovoltaic capacity. This transaction forms part of the Group’s strategy to focus its investments on its strategic businesses and key markets.
Press release (24/02/2026): Iberdrola France completes the sale of its onshore portfolio in the country
Press release (21/11/2025): Iberdrola Francia reaches an agreement to sell its onshore portfolio in the country
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We have completed the sale of our business in Hungary for €171m
Iberdrola has completed the sale of its subsidiary Iberdrola Renovables Magyarország KFT, owner of its business in Hungary, after obtaining all the necessary authorisations for the transaction. The assets sold include 158 megawatts (MW) of operational wind capacity, developed by the Group since its entry into the country in 2008.
Press release (22/01/2026): Iberdrola completes the sale of its business in Hungary for €171 million
Press release (18/09/2025): Iberdrola sells its business in Hungary for a total consideration of €171 million
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Iberdrola approaches £125 billion market capitalisation on its 125th anniversary
Iberdrola has reached the milestone of €125 billion in stock market value at the start of 2026, the year that marks the 125th anniversary of the founding.
Press Release (06/01/2026): Iberdrola approaches £125 billion market capitalisation on its 125th anniversary
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Iberdrola strengthens its position in Australia with the acquisition of Ararat Wind Farm
Iberdrola has reached an agreement to acquire 100% of the Ararat Wind Farm, located in the state of Victoria, Australia, from Partners Group and OPTrust.
Press Release (19/12/2025): Iberdrola strengthens its position in Australia with the acquisition of Ararat Wind Farm
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Iberdrola continues its asset rotation plan with the sale of its gas plants for slurry treatment
In December 2025, we reached an agreement to sell its portfolio of gas assets for slurry treatment in Spain – totalling 52 megawatts (MW) – to the energy services company Edison Next.
Press Release (15/12/2025): Iberdrola continues its asset rotation plan with the sale of its gas plants for slurry treatment
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We signed the acquisition agreement for the electricity business of Electra del Maestrazgo in Spain
In May 2025, we completed the acquisition of the distribution, commercialisation and energy generation business of Electra del Maestrazgo, a family-owned electricity company based in Castellón. With this, we incorporated into our assets 1,350 km of medium- and low-voltage lines, 21,000 supply points, 19,000 retail customers, and 6.8 MW of installed capacity from photovoltaic plants and hydroelectric generation.
The transaction is pending approval from the Spain's National Commission on Markets and Competition (CNMC) before it can be finalised.
Press release (15/05/2025): Iberdrola signs agreement to acquire the electricity business of Electra del Maestrazgo
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We are selling Maine Natural Gas to Unitil for 90 million dollars
In April 2025, we agreed to sell 100% of Maine Natural Gas (MNG) to the US energy company Unitil for approximately 90 million dollars, subject to closing adjustments. MNG operates 231 miles of gas pipelines and serves around 6,000 customers.
This divestment is in line with our strategy of optimising our portfolio through the sale of non-strategic assets and focusing on investments in electricity networks in the United States, which represent 80% of the business in the country.
The transaction is expected to close by the end of 2025, following the corresponding regulatory approvals.
Press release (01/04/2024): Iberdrola sells Maine Natural Gas for nearly $90 million to the US energy company Unitil
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We sold the Baixo Iguaçu hydroelectric power plant to the utility company EDF and the investment fund STOA.
On 5 February 2025 we completed the sale of the Baixo Iguaçu hydroelectric power plant, of which we controlled 70%, to the French electricity company EDF and the French investment fund STOA. This plant has an installed capacity of 350 MW and 172 MWm of assured energy.
The operation was valued at 1.43 billion Brazilian reals (around €240 million), a price subject to the usual adjustments in this type of transaction.
Press release (02/06/2025): Neoenergia sells Baixo Iguaçu hydroelectric plant to EDF and STOA
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Agreement for the sale of the Kitty Hawk North offshore wind lease area in the US
Iberdrola, through its US subsidiary Avangrid, announced an agreement for the sale of the Kitty Hawk North offshore wind lease area to Dominion Energy. The sale price consists of a lease acquisition payment of $117 million and associated development cost reimbursement to Avangrid.
Press release (08/07/2024): Iberdrola announces agreement for sale of Kitty Hawk North offshore lease area to Dominion Energy
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Iberdrola acquires 100% of Balantia to accelerate decarbonisation of companies
Iberdrola acquired the 80% of Balantia that it did not already control. The company was created in 2011 to develop energy efficiency and sustainability in businesses, enabling their decarbonisation and reducing their emissions and costs.
Iberdrola, which entered the capital of the company in 2019 through its start-up programme Perseo, has highlighted Balantia's technological capabilities over the past four years in more than 180,000 homes and businesses, providing them with energy diagnostics and information to make decisions in this area.
Press release (04/07/2024): Iberdrola acquires 100% of Balantia to accelerate decarbonisation of companies
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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.
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Acquisition of two onshore wind farms in Poland
Iberdrola has purchased two wind farms owned by Greenvolt Power, which began operations in the second half of 2023. The total capacity of both is 50 MW, generating enough energy to meet the needs of 50,000 Polish households annually.
Press release (29/04/2024): Purchase finalised of two Greenvolt Power onshore wind farms in Poland.