Iberdrola sells Mexican government a large part of its business in the country for €5,478 million


Iberdrola announced on Tuesday a major sale of natural gas assets in Mexico, putting an end to several years of tensions with the country’s government. As the company, headed by Ignacio Sánchez Galán, informed the CNMV late in the afternoon, the subsidiary Iberdrola México and the state fund Mexico Infrastructure Partners (MIP) have signed an agreement of intent whereby a trust headed and managed by MIP will acquire 8,539 MW of installed capacity, the vast majority (8,436 MW) corresponding to gas combined cycle plants, and a further 103 MW of wind power.

These are 12 natural gas plants (or a total of 15 groups) that the Spanish energy company has been operating for years in the Aztec country. Iberdrola also has a further 166 MW in the country, 202 MW of cogeneration and 1,059 MW of renewables.

Sánchez Galán held a meeting with the Mexican President, Andrés Manuel López Obrador, to sign the agreement, in which they staged the good relations that have arisen from it.

Last November, Iberdrola launched a new strategic plan for 2023-25 with which it plans to invest around €47,000 million over the period to achieve a net profit of €5,200-5,400 million by the end of it.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.