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Main corporate operations

Information about some of the company's most important mergers and acquisitions

This section provides detailed information about some of the Iberdrola Group’s main corporate operations, in line with the achievement of the financial-solidity objectives of our Strategic Plan. Of particular note is the early completion of the non-essential asset-rotation plan, as well as partnerships with leading global funds. Access the documentation about the agreements reached, as well as press releases and videos of their presentations.

We purchased the UK distributor Electricity North West (ENW)

compra-enw-reino-unido
Iberdrola's electricity grids in the UK

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—the 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.

Vendemos la central hidroeléctrica Baixo Iguaçu a la eléctrica EDF y al fondo de inversión STOA

Baixo Iguaçu
Baixo Iguaçu hydroelectric power station

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 euros), a price subject to the usual adjustments in this type of transaction.

In this way, we reinforce our asset rotation strategy focused on portfolio optimisation with value creation, capital discipline and simplification of its structure. 

See the Neoenergia Shareholder and Investor Communications page.

We completed our merger with Avangrid and continue to grow in the United States.

Avangrid headquarters
Avangrid headquarters in Connecticut

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.

Strategic alliance with Kansai to accelerate electrification

Iberdrola offshore wind farm
Iberdrola offshore wind farm

On 12 December, 2024, we welcomed the Japanese electricity company Kansai into our offshore wind project, Windanker, which is currently under construction in the German Baltic Sea. Kansai will acquire 49% of the project, while 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.

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 €1.2 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 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.

Strategic agreements with Masdar to drive the development of offshore wind and green hydrogen 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 and green hydrogen projects in Germany, the United Kingdom and the United States. 

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

Agreement to co-invest in 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 photovoltaic solar capacity, Iberdrola became the majority shareholder with 51% of the company, while MAPFRE consolidated its position with the remaining 49%.

Other major operations

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

Dolar Verde Naranja

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

Dolar Verde Naranja

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

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 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.