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☆ Iberdrola and Masdar to invest $16 billion in green energy
▼ + stars: | 2023-12-05 | by ( Pietro Lombardi | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Iberdrola SA FollowRwe Ag FollowMADRID, Dec 5 (Reuters) - Spanish renewable energy giant Iberdrola (IBE.MC) and UAE clean energy developer Masdar have formed a 15 billion euro ($16.2 billion) alliance to invest in offshore wind and green hydrogen in countries including Germany, Britain and the United States. The agreement announced on Tuesday follows a pledge by 118 countries at the COP28 climate summit in Dubai to triple the world's renewable energy capacity by the end of the decade as they seek to wean themselves off fossil fuels. "Reaching this goal will require immediate action from these governments and the private sector," said Iberdrola Executive Chairman Ignacio Galan. "With an abundance of wind resources, the UK and Europe are prime markets for Masdar," said Masdar Chief Executive Mohamed Jameel Al Ramahi. Last week Masdar and Germany's RWE (RWEG.DE) said they would co-develop a 3 GW wind project off the coast of Britain.

Persons: Dado Ruvic, Ignacio Galan, Mohamed Jameel Al Ramahi, Germany's, Iberdrola, Pietro Lombardi, Jakub Olesiuk, Kirsten Donovan, David Goodman Organizations: REUTERS, East Anglia, Masdar, China, Thomson Locations: MADRID, UAE, Germany, Britain, United States, Dubai, Iberdrola's, East, Spanish, Europe, Baltic

☆ Iberdrola, Masdar to develop $1.5 billion Baltic wind farm, Expansion reports
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 5 (Reuters) - Spanish utility Iberdrola (IBE.MC) has signed an exclusive deal with Abu Dhabi's Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany's northeastern coast will have 50 wind turbines and is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to help finance its 47 billion euro investment plan. Masdar, a renewable energy company owned by the United Arab Emirates' sovereign wealth fund Mubadala, could buy a stake of up to 49% in the project, Expansion said. The newspaper had previously reported that the top candidates jostling for the stake were Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investment arm GIG. This would be the third agreement this year between Iberdrola and a large sovereign wealth fund, having previously agreed deals with Norway's Norges Bank Investment Management (NBIM) and Singapore's GIC.

Persons: Abu Dhabi's Masdar, Iberdrola, GIC, David Latona, David Goodman Organizations: United Arab Emirates, Baltic Eagle, Norway's Norges Bank Investment Management, Thomson Locations: MADRID, Baltic, Iberdrola

☆ Norway's wealth fund buys 49% stake in Iberdrola's Spanish renewables portfolio
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 17 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, the world's largest, said on Tuesday it had agreed to buy a 49% stake in Iberdrola's 1.3 gigawatt (GW) portfolio of Spanish solar plants and onshore wind farms for 600 million euros ($650 million). Iberdrola (IBE.MC) will remain co-owner and operator of the portfolio, Norges Bank Investment Management (NBIM), the operator of the Norwegian fund, said in a statement. "The portfolio comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1265 MW, equivalent to the annual electricity consumption of 700,000 Spanish households," NBIM said. Solar plants make up 80% of the portfolio, while onshore wind accounts for the remaining 20%. It recently sold a 49% stake in an offshore wind farm in Germany for 700 million euros.

☆ Spain's Iberdrola to invest $47 bln in energy transition in 2023-25
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +4 min

Some 17 billion euros of the 47 billion total investment will go on renewables. In its last strategy update, Iberdrola said it planned to invest 75 billion euros in renewable energy, grids and retail operations from 2020-2025. Iberdrola currently has 40 GW of renewables capacity, new chief executive Armando Martinez told the compay's capital markets day in London. Net profit should increase to 5.2-5.4 billion euros by 2025 from an expected 4-4.2 billion euros in 2022, Iberdrola said. It also aims for earnings before interest, taxes depreciation and amortisation (EBITDA) of 16.5 billion-17 billion euros by 2025, up from 13 billion euros in 2022 and above analyst consensus of 12.6 billion euros.

☆ Iberdrola profit boosted by US, Brazil, offsetting Spanish woes
▼ + stars: | 2022-10-26 | by ( David Latona | ) www.reuters.com time to read: +3 min

Iberdrola reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings. In Spain, however, profit fell by 14% as summer droughts hampered hydroelectric generation, which was almost 48% lower than last year, Iberdrola said. Galan said Iberdrola was not exposed to Russian gas, adding that world leaders have now realised gas market dynamics were "causing the problem and electricity is the solution". The company has invested 7.58 billion euros so far this year, a 14.2% increase compared to the same period in 2021. Iberdrola also reiterated its forecast for an annual net profit of between 4 billion and 4.2 billion euros and announced a 5.9% higher interim dividend of 0.18 euros per share, payable in January 2023.

☆ U.S., Brazil boost Iberdrola's profit, offset Spanish woes
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

The company reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings. In Spain, however, net profit fell by 14%, hampered by summer droughts, Iberdrola said. Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 17% to 9.53 billion euros. Iberdrola reiterated a forecast for an annual net profit of between 4 billion and 4.2 billion euros. ($1 = 1.0033 euros)Reporting by David Latona; editing by Inti Landauro and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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