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European Power Giant Looks to Sell $1.8-Billion U.S. Solar and Wind Projects

Spanish utility giant Iberdrola is in search of a buyer of 50% of a portfolio of wind and solar projects under development in the United States, hoping to raise up to $1.8 billion from the sale, sources with knowledge of the plans told Bloomberg on Thursday.

Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, is looking to sell 50% in a portfolio of 400 megawatts (MW) of solar plants and 300 MW of onshore wind farms, all of which have purchase power agreements (PPAs) with big technology firms, according to Bloomberg’s sources.

The Spanish utility giant aims to formally launch the sales process in July 2024 and hopes to complete it by the end of the year.

Earlier this month, Iberdrola signed an agreement to buy the 18.4% minority stake in its U.S. subsidiary Avangrid, which it previously did not own. Iberdrola already owned 81.6% of Avangrid before announcing the transaction last week.

In March, Iberdrola’s executive chairman Ignacio Galán told the Financial Times in an interview that the company would focus the largest part of its multi-billion investments for 2024-2026 on the United States as its capex plans don’t hinge on the Inflation Reduction Act and a possible repeal of the IRA by a second Trump presidency.   

Iberdrola said in March it would invest $44 billion (41 billion euros) and hire 10,000 people by 2026 to accelerate electrification in its key markets.

A total of 85% of the investment would go to A-rated markets, and the United States remains Iberdrola’s leading investment destination with 35% of the capex, followed by the UK with 24%, Iberia, 15%, and Latin America, also with 15% of the planned capital expenditure.

Of the total investments, $23.3 billion (21.5 billion euro) will be for expansion and strengthening of the networks in the U.S., the UK, Brazil, and Spain, Iberdrola said.

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By Charles Kennedy for Oilprice.com

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