Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company expects to reach 90 GW of renewables in 2030).
The media talks about a valuation of 500 million euros for the entirety of these projects, so the transaction would allow Iberdola to obtain about 250 million euros.
Valuation:
In the last few months, Iberdrola has announced similar operations, incorporating a minority shareholder in different projects with the aim of obtaining funds to allow it to continue to develop its strategy without causing tension in its balance sheet. The company has a significant portfolio of renewable projects (>80 GW) which will require an important investment effort, mainly in the area of offshore wind. In this respect, we await the Strategic Presentation on November 9.
Target Price 12,73 euros, Overweight stance.
