Electric power transmission pylon miniatures and Iberdrola logo are seen in this illustration taken, December 9, 2022.
REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Nov 17 (Reuters) - Spanish utility Iberdrola is planning to make an offer for Electricity North West (ENWL) that could value the British power distribution network at a maximum of 3.5 billion pounds ($4.34 billion), two sources familiar with the matter said.
Iberdrola (IBE.MC) declined to comment on any involvement in the ENWL sale process, which one of the people, who spoke on condition of anonymity, said is expected to start in December.
Iberdrola is ramping up its investments in electricity networks, aiming to deploy 27 billion euros until 2025, with the goal of achieving 30% growth in core earnings of its networks unit to up to 8.5 billion euros.
Iberdrola expects to receive around 6 billion euros from partnerships and asset sales by the end of the year that will help it close 2023 with a net debt of around 43 billion euros, roughly in line with 2022.
Persons:
Dado Ruvic, Jefferies, KKR spokespeople, JP Morgan, Andres Gonzalez, Pietro Lombardi, Anousha Sakoui, Alexander Smith
Organizations:
REUTERS, Electricity, Reuters, Japan's Kansai Electric Power Co, Macquarie, KKR, ENWL, Scottish Power, Colonial First State, Iberdrola, Thomson
Locations:
Manchester , Lancashire, Cumbria, Iberdrola, ENWL, Merseyside , Cheshire, North Wales, North Shropshire, England, Central, Southern Scotland