Iberdrola expands UK presence with €2.5 billion acquisition of Electricity North West

Iberdrola announced that it has signed an agreement to acquire 88% of Electricity North West (ENW) in the UK for an equity value of €2.5 billion. The deal values 100% of the company, including debt, at approximately €5 billion.?

This acquisition aligns with Iberdrola’s strategy to endow funds in electricity networks ad in countries with a strong credit rating, such as the UK (AA credit rating).?

Since the merger with ScottishPower in 2007, the UK has been a hotspot for the company to endow funds. So far, Iberdrola has invested around €36 billion. ScottishPower is the only 100% green integrated utility in the UK.??

Also read: Iberdrola signs €500 million green loan to support global renewable projects and boost electrification plan?

Ignacio Galán, Iberdrola’s executive chairman, said, “This transaction reinforces our commitment to investing significantly in electricity networks, which are a critical component for supporting the electrification and decarbonization of the economy. The agreement is also consistent with our strategy to invest in countries that have ambitious investment plans and stable and predictable regulations.”?

He added, “As a result of this acquisition, our regulated networks asset base in the UK is now valued at €14 billion. When combined with the US, these two markets now represent two-thirds of our total global regulated asset base.”?

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