Iberdrola

In Europe 19th December 2023

Iberdrola, through ScottishPower, awards first contracts for £1.8 billion high-capacity undersea cable project

Alphavalue/DIVACONS| The Spanish utility, through its UK distribution subsidiary ScottishPower Energy Networks, has awarded the first contracts worth £1.8 billion for its high-capacity submarine cable project linking England and Scotland. This project, called Eastern Green Link 1 (EGL1) and built by a consortium formed by ScottishPower Energy Networks and National Grid Electricity Transmission, will consist of a kind of major electricity highway that will connect one of the most important…

Spanish economy 8th December 2023

Iberdrola wins five-year, €395-million renewables contract with Metro de Madrid

Alphavalue / Divacons| The utility has been awarded the supply of electricity with guaranteed origin from renewable energy sources for Metro de Madrid for a total amount of around €395 million over the next five years. Specifically, the energy company has been awarded the five lots put up for grabs by the Community of Madrid for the high and low voltage supply points of the metro network for the period…

In Spain 2nd December 2023

Iberdrola partners with BP to roll out 11,700 EV charging points by 2030 in Spain and Portugal

Renta 4| The company has announced an agreement with BP through which they will deploy fast-charging points for electric vehicles in Spain and Portugal with renewable sources. A total of 5,000 points will be installed by 2025, and 11,700 points by 2030 for which an investment of €1,000 million will be made. Assessment: Positive news with limited impact. No details have been provided regarding returns on investment, prices or other…

European economy 25th October 2023

Iberdrola sells 49% of East Anglia 3 offshore wind farm to Masdar for €2 billion

Banco Sabadell| According to press reports, Iberdrola has agreed to give Masdar (the renewable energy arm of Abu Dhabi’s sovereign wealth fund) a stake in its East Anglia 3 offshore wind project in England. The project, with a capacity of 1,400 MW, began construction in 2022 and is scheduled to run until 2026. The deal values the project at €4 billion and Masdar would acquire up to 49% for €2…

In the World 3rd October 2023

Iberdrola closes €465 million agreement with GIC to grow networks in Brazil

Banc Sabadell| Iberdrola (IBE) and GIC, Singapore’s sovereign wealth fund, have closed the €465 million (BRL 2.4 billion ) deal to develop new electricity transmission networks that they had announced in April and which has already been approved by the National Electricity Agency (ANEEL) and the Administrative Council for Economic Defence (CADE). Both companies will invest in operational transmission assets in Jalapao, Santa Luzia, Dourados, Atibaia, Biguacu, Sobral, Narandiba and…

Relevant News Item 1st October 2023

Iberdrola could recover around €700m of ScottishPower and Energy East acquisition bonuses following EGC ruling

Banc Sabadell: The General Court of the European Union (EGC) has ruled that the tax relief of the corporate income tax deduction for goodwill generated by the indirect purchase of shareholdings in companies abroad, both in direct and indirect acquisitions, is lawful. Thus, the EGC rejects the EC’s arguments that they are unlawful state aid and incompatible with the internal market. Assessment: Positive news, although with limited impact due to…

In the World 20th September 2023

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

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…

In the World 18th September 2023

Iberdrola, via Avangrid subsidiary, to boost revenues by $1.36 billion due to new tariffs in New York

Link Securities| Avangrid, Iberdrola’s US subsidiary, expects to obtain almost $1.36 billion in additional revenues from the increase in its electricity and gas rates in New York, according to elEconomista.es today. The company’s new tariff plan, which covers the period 2023-2026, includes double-digit increases and is expected to come into effect next month. The extra revenue, regulated by the state of New York, will be spread over three fiscal years:…

World economy 28th August 2023

Iberdrola, very active in the US, starts up photovoltaic plant to supply Meta in Texas and promotes first solar project in California

Link Securities | Iberdrola’s US subsidiary Avangrid has begun construction of the 240-megawatt (MW) True North photovoltaic plant in Falls County, Texas, which will provide renewable energy to supply operations in the region of Meta Platforms (META-US), Facebook’s parent company, according to La Vanguardia newspaper. The project aims to power Meta’s upcoming data centre in Temple City, its second such facility in Texas. Starting in 2020, the global operations forecast…

Companies, Relevant News Item 16th August 2023

Iberdrola launches Carbon2Nature to develop high-impact nature-based solutions projects

Alphavalue/DIVACONS| The Spanish utility company has launched Carbon2Nature (C2N) with the aim of developing high-impact nature-based solutions projects that reduce the global carbon footprint, improve biodiversity and promote a sustainable economy, the energy company said. Iberdrola said the company was born out of the conviction that investing in nature is “essential to act against the climate and diversity crisis, while at the same time acting as a formula for creating…

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