Information on some of the company's most important corporate transactions
This section contains expanded information on some of the Iberdrola Group's main corporate transactions, aligned with the fulfilment of the financial strength objectives of our 2023-2025 Strategic Plan. Of particular note is the early completion of the non-core asset rotation plan, within the first quarter of 2023, as well as the co-investment alliances with leading global funds. Access the documentation on the agreements reached and the webcast of their presentations.
CO-INVESTMENT WITH NORGES BANK INVESTMENT MANAGEMENT FOR RENEWABLE ENERGY DEVELOPMENT IN SPAIN
On 17 January 2023, we announced the signing of a co-investment agreement with Norges Bank Investment Management (NBIM) for the joint development of 1,265 MW of new renewable capacity in Spain: 20% wind and 80% photovoltaic. 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.
This renewable portfolio, with 137 MW already operational and the rest under development, will have the capacity to supply clean energy to more than 700,000 homes each year with resources spread across different regions of the country.
On 31 May 2023 we communicated to the Spanish Securities Market Commission (CNMV) that we have all the legal requirements to carry out the transaction. In addition to the 1,265 MW of new renewable capacity, we are also working with Norges Bank Investment Management to expand this strategic alliance by more than 500 MW of renewable capacity on the Iberian Peninsula.
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.
- Press release (31/05/2023): We finalised with Norges Bank Investment Management details of our alliance to develop 1,265 MW of renewables in Spain and negotiate an additional 500 MW
- Communication to the CNMV (31/05/2023): Closing of the framework co-investment agreement with NBIM Iberian Reinfra AS for the joint development of a portfolio of renewable assets in Spain [PDF]
- Press release (17/01/2023): We signed a partnership with Norges Bank Investment Management to co-invest in 1,265 MW of new renewable capacity in Spain
- Communication to the CNMV (17/01/2023): Framework co-investment agreement for the joint development of a portfolio of renewable assets in Spain [PDF]
PARTNERSHIP WITH GIC FOR THE EXPANSION OF TRANSPORT 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 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.
- Press release 26/04/2023: We seal strategic alliance with GIC for expansion of transmission networks in Brazil
THE NEW IBERDROLA MEXICO
On 5 April 2023, we presented The New Iberdrola Mexico, an agreement of intent to sell 8,539 MW in Mexico for approximately $6 billion between Iberdrola Mexico's subsidiaries and Mexico Infrastructure Partners ("MIP"). The transaction was financially supported by Mexico's National Infrastructure Fund (Fonadin) and other public financial institutions linked to the Mexican government. The Iberdrola Group, through the new investments it will make in Mexico, will reaffirm its leadership in the development of renewable energies in the country.
- Presentation "The New Iberdrola Mexico" [PDF].
- Delayed broadcast of the presentation (English version). Also available for mobile devices.
- Questions and Answers [MP3] (English version) 32.6 MB
- Communication to the CNMV (04/04/2023): Agreement of intentions for the sale of generation assets with an installed capacity of 8,539 MW in Mexico [PDF].
- Press release (04/04/2023): Galán and AMLO meet and announce their commitment to the development of renewable energies in Mexico
- Press release (04/04/2023): We signed an agreement to sell more than 8,400 MW of gas-fired combined cycle plants for $6 billion
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 solar photovoltaic capacity, Iberdrola becomes the majority shareholder, with 51% of the company, while MAPFRE consolidates its position with the remaining 49%.
- Press release (31/03/2023): We strengthen our strategic alliance with MAPFRE by reaching almost 450 MW of renewable energy in Spain.
- Press release (12/04/21): Iberdrola and MAPFRE move forward in their strategic alliance, which incorporates 100 new MW through a joint company