Corporate operations

Information on some of the company's most important corporate transactions

This section contains expanded information on some of the Iberdrola Group's main corporate transactions, aligned with the fulfilment of the financial strength objectives of our 2023-2025 Strategic Plan. Of particular note is the early completion of the non-core asset rotation plan, within the first quarter of 2023, as well as the co-investment alliances with leading global funds. Access the documentation on the agreements reached and the webcast of their presentations.

Strategic agreement with Masdar to co-invest in Baltic Eagle offshore wind farm in Germany

Baltic Eagle
The offshore substation of the Baltic Eagle offshore wind farm (Germany)

On 26 July 2023, we announced our strategic agreement with Masdar, one of the leading renewables groups in the Emirate of Abu Dhabi, to co-invest in the Baltic Eagle offshore wind farm (Germany), which has a capacity of 476 MW and is valued at €1.6 billion. Under the terms of the deal, we will have a 51% majority stake in the assets, accelerating energy independence in Europe.

This agreement is considered a transaction of strategic importance and a key milestone that strengthens a partnership that will allow us to explore further investment opportunities in renewable energy across technologies and regions.

The New Iberdrola Mexico

Operación corporativa La Nueva México
Combined cycle plant in Nuevo León (Mexico)

On 5 April 2023, we presented The New Iberdrola Mexico, an agreement of intent to sell 8,539 MW in Mexico for approximately $6 billion between Iberdrola Mexico's subsidiaries and Mexico Infrastructure Partners ("MIP"). The transaction was financially supported by Mexico's National Infrastructure Fund (Fonadin) and other public financial institutions linked to the Mexican government.

The binding agreement to sell 55% of the business in Mexico was signed on June 12, 2023. The Iberdrola Group, through the new investments it will make in Mexico, will reaffirm its leadership in the development of renewable energies in the country.

Co-investment with Norges Bank Investment Management for renewable energy development in Spain

Acuerdo Iberdrola Norges
49 MW Puylobo wind farm in Zaragoza (Spain)

On 17 January 2023, we announced the signing of a co-investment agreement with Norges Bank Investment Management (NBIM) for the joint development of 1,265 MW of new renewable capacity in Spain: 20% wind and 80% photovoltaic. An alliance to promote decarbonisation through a portfolio of assets worth €1,225 million, of which Iberdrola will hold a majority stake of 51% and NBIM the remaining 49%, representing a direct investment of around €600 million.

This renewable portfolio, with 137 MW already operational and the rest under development, will have the capacity to supply clean energy to more than 700,000 homes each year with resources spread across different regions of the country.

On 31 May 2023 we communicated to the Spanish Securities Market Commission (CNMV) that we have all the legal requirements to carry out the transaction. In addition to the 1,265 MW of new renewable capacity, we are also working with Norges Bank Investment Management to expand this strategic alliance by more than 500 MW of renewable capacity on the Iberian Peninsula.

NBIM, which manages Norway's sovereign wealth fund, has been one of the Iberdrola Group's main investors for years and holds on average 1.4% of all listed companies worldwide and 2.5% of listed companies in Europe, making it a benchmark fund.

Partnership with GIC for the expansion of transport networks in Brazil

Galán y Lula
Transport line in the state of Mato Grosso do Sul (Brazil)

On 26 April 2023, we announced our strategic alliance with GIC, one of the world's leading institutional investors, for the development of transmission grids in Brazil worth 2.4 billion Brazilian reals (€430 million). Both companies will co-invest in transmission operating assets with a total of 1,865 km of transmission lines and an annual return of BRL 430 million (around EUR 77 million), with an average concession term of 25 years. 

Through Neoenergia Enlace externo, se abre en ventana nueva., our subsidiary in Brazil, we will have a 50% stake in the company, valued at 1.2 billion Brazilian reals (€215 million). This transaction is carried out at a multiple of 13 times EBITDA. We have also signed a framework agreement with GIC to jointly participate in future tenders for electricity transmission assets in the South American country.

We strengthen our alliance with Mapfre reaching €500m of co-investment

Acuerdo Iberdrola y Mapfre
50 MW Olmedilla photovoltaic plant in Cuenca (Spain)

In March 2023, we announced the addition of 150 MW of operational photovoltaic capacity to the 295 MW of wind power capacity we already had in the portfolio of the company created with Mapfre in 2021. With this operation we reached 445 MW of green power and €500 million of co-investment, increasing the joint investment in renewable energies between two leading companies while diversifying the portfolio with new solar photovoltaic assets. 

Energías Renovables Ibermap is a pioneering co-investment vehicle that we created together with the insurance company as part of our asset rotation strategy and its commitment to sustainable investments in Spain, and which envisages the incorporation of more assets in the future. Thanks to the new solar photovoltaic capacity, Iberdrola becomes the majority shareholder, with 51% of the company, while MAPFRE consolidates its position with the remaining 49%.

We partner with bp to promote electric mobility on the iberian peninsula

Iberdrola's electric vehicle charging point in Spain

On 2 March 2023, we signed a contract with bp for the deployment and operation of a network infrastructure of high-power charging points (over 50 kW) for electric vehicles in Spain and Portugal - An action to accelerate the deployment of sustainable mobility in both countries.

 The signing of this new strategic alliance is a step forward in the establishment of the joint venture we announced in 2022 - planned for the second half of 2023, subject to the necessary regulatory and competition approvals - with the intention of investing 1 billion euros to deploy 11,700 fast and ultra-fast charging points in Southern European countries.

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