Iberdrola

Companies, Ibex, Spanish economy 24th December 2022

Iberdrola: Pontegadea could enter negotiations to buy a stake in Proyecto Romeo’s renewables; Norges Bank has exclusivity on the deal for 1 month

Bankinter | Norges Bank Investment Management, which manages Norway’s sovereign fund, is in exclusive talks with Ibedrola to buy a stake of up to 49% in a mega portfolio of renewable assets owned by the Spanish utility. The portfolio is called Proyecto Romeo and is valued at 1.2 billion euros. It includes wind and solar projects in different phases of development with a total output of 1.266MW. Of the whole…

Companies, Ibex, World economy 21st December 2022

Iberdrola will build a hydrogen and green methanol planta in Australia with €1.1 B investment

Bankinter | Iberdrola has reached an agreement with the Abel Enery group to build a hydrogen and green methanol production plant in Bell Bay, in northern Tasmania (Australia). The investment required will be 1.1 billion euros. The project, called Bell Bay Powerfuels, is backed by the Australian government and will be one of the biggest plants in the world. The production capacity of the new plant will be 200.000 tonnes…

Companies, Ibex, Spanish economy 8th December 2022

Iberdrola restructures debt: sees 47 B euros investment in 2023-2025; hikes weighting of development banks

Bankinter |Iberdrola’s Strategic Plan contemplates investments of 47 billion euros in 2023-2025, while maintaining generous shareholder retribution in this period (11 billion euros in dividends for shareholders and minorities). This will mean that the group’s Net Debt will go from 45 billion euros at end-2022 to 57.5 billion in 2025. The restructuring of the debt envisages a reduction of the listed debt from 55% currently to 52% in 2025. The…

Companies, European economy, Ibex 26th November 2022

Iberdrola seeks investor for 49% Baltic Eagle offshore wind farm in Germany; would obtain €750 M

Banco Sabadell | According to press reports, Iberdrola has put up for sale a minority stake (49%) in the offshore wind farm Baltic Eagle in Germany (476 MW, with the start of construction expected for 2023, becoming operational in 2024). The wind farm could be valued at 1.5 billion euros (1.1% EV) of which Iberdrola would obtain 750 million. Valuation: The sale of minority holdings to fund renewables expansion is…

Companies, Ibex, Spanish economy 17th November 2022

Iberdrola, attractive growth and high visibility; Buy (T.P. 12,50 vs 11,90 euros/share)

Bankinter | Upward revision to targets in the Strategic Plan 2025. Attractive growth and strong visibility in results. Iberdrola has revised upward the objectives in its Strategic Plan 2025. It now expects EBITDA in 2025 of 16.5-17.0 billion euros vs 15 billion previously, and NAP of 5.2-5.4 billion euros vs 5 billion previously. Average annual growth rate in EBITDA and NA`P in the period 2022-2025 will be between 8% and…

Companies, Ibex, Spanish economy 14th November 2022

Iberdrola estimates €47 billion investments to 2025; but 57% will be earmarked for networks, 38% for renewables vs previous plan

Renta 4 | Against the current backdrop of uncertainty, Iberdrola has decided to make a small a shift in its investments’ strategy, giving increased priority to investment in networks vs renewables, with respect to the firm’s previous plan. In the period 2023-2025, it estimates investing 47 billion euros (84% for growth). This is very similar to the investments forecast in the previous plan, although 57% will be earmarked for networks…

Companies, Ibex, Spanish economy 13th November 2022

Tax on energy firms could mean €400 M for Endesa, €300 M for Iberdrola and €200 M for Naturgy

Norbolsa | The government has unveiled its proposal for temporary special taxes on energy firms. The tax would mean a charge of 1.2% on revenues in 2022 and 2023 and payment would start in 2022. We estimate the following impact in 2022e for the big Spanish utilities: Endesa 400 million euros, Iberdrola 300-320 million and Naturgy 160-200 million. The impact is a guideline, given that we still do not have…

Companies, European economy, Ibex 10th November 2022

Iberdrola teams up with Axa to develop four offshore wind parks in France

Renta 4 | Iberdrola would have reached an agreement with Axa for the development of four offshore wind farms in France, with a total of 1.750MW. Via the agreement, the French firm would have a minority stake in the event the projects are awarded to Iberdrola in the auctions expected to take place in 2023. The implementation is planned for 2030. Valuation: This is a repeat of the strategy of…

Companies, Ibex, Spanish economy 2nd November 2022

Iberdrola could divest some €2 B in renewables (total or partial) in the US given its high investment level

Renta 4 |According to press reports, Iberdrola’s US subsidiary Avangrid is preparing a plan via which the group is looking at divesting in some renewable assets (total or partial) to strengthen the balance sheet ahead of its investment plan over the next few years. This amounts to 14.6 billion usd until 2025, including the purchase of PNM (6.5 billion usd) if the courts allow that to materialise. The divestments could…

Companies, Ibex, World economy 26th October 2022

Iberdrola, Acciona, Ferrovial, EDPR will compete for some areas to be auctioned in California to install offshore floating wind turbines

Link Securities | Iberdrola, via its susidiary Avangrid, Acciona, Ferrovial and EDPR will compete for some of the five areas which will be up for auction in California to install offshore floating wind turbines. This will be the first offshore wind energy auction on the west coast of the US, as well as the first the country will carry out to support the potential development of offshore floating wind energy on…

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