Iberdrola reach final stretch in Maverick project: sale of 49%-50% of Avangrid’s renewables portfolio worth €6-7 billion

Avangrid 2

Link Securities| Iberdrola’s Maverick Project, an operation that consists of the search for a partner to support it financially in the development of renewables in the US, is entering its final stretch, as highlighted in today’s edition of Expansión newspaper. The candidates are the state funds Norges, from Norway; Masdar, from the emirate of Abu Dhabi; and GIC, from Singapore; as well as the American fund GIP. The finalists aim to take 50% of IBE’s US subsidiary Avangrid’s €7 billion renewables mega-portfolio. IBE’s goal is to close the deal before the end of this year.

The same newspaper also reports that, in parallel to the Maverick Project, Iberdrola is looking for a financial partner to contribute, with a 49% stake, to the development of the East Anglia Three offshore wind farm, which requires an investment of €4 billion. The project envisages the commissioning of 1,400 MW of wind turbines in UK waters. Iberdrola expects non-binding bids for the asset by mid-October.

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