Iberdrola, S.A. (IBDSF)
- Reuters
Spain's Iberdrola, Norway wealth fund expand renewables partnership
Europe's largest utility Iberdrola and Norway's $1.6 trillion sovereign wealth fund are building up on their existing partnership in renewables to jointly invest more than 2 billion euros ($2.15 billion) in Spain and Portugal. The deal is in line with Iberdrola's strategy of selling minority stakes in renewable projects to help fund its large investments in new projects and network assets. The Spanish firm and Norges Bank Investment Management (NBIM), the operator of the Norwegian fund, said on Thursday they reached an agreement for the fund to buy a 49% stake in a 644 megawatt portfolio of Spanish solar projects from Iberdrola for 203 million euros.
- Reuters
Spain's Iberdrola raises profit guidance after strong Q1
MADRID (Reuters) -Spanish utility Iberdrola on Wednesday raised its profit target for the year after a strong first quarter on the back of high renewable output in Spain and tariff increases in its network business in the U.S. and elsewhere. It now expects high single-digit profit growth this year, from previous guidance for growth of between 5% and 7%. First-quarter net profit rose to 2.76 billion euros ($2.95 billion) from 1.49 billion euros a year earlier, thanks to asset sales.
- Reuters
Engie, Iberdrola and funds eye bids for UK's Electricity North West, sources say
European utility Engie is set to join Iberdrola and a group of investors in preparing bids for British power network Electricity North West (ENWL) in the coming weeks, people with knowledge of the matter said. Besides the two utilities, among the investment and infrastructure firms working on potential offers are Canadian investor Caisse de dépôt et placement du Québec (CDPQ) and a consortium of private equity firm KKR with Dutch pension fund APG, two of the sources said. Jefferies, which is advising ENWL's shareholders on the sale, has requested the interested parties to submit indications of interest in the first weeks of May, two other sources said.
