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Iberdrola buys 88% of Electricity North West for 2.5 billion euros

Iberdrola acquires 88% of UK company Electricity North West Limited for 2.5 billion euros, consolidating its presence in the UK.

energynews
Le 5 August 2024

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Iberdrola, world leader in renewable energies, announces the acquisition of 88% of Electricity North West Limited (ENW) for 2.5 billion euros.
This operation strengthens Iberdrola’s presence in the UK, a strategic market for the Spanish company.

Strategic Acquisition

The transaction includes the purchase of shares representing around 85.6% of ENW’s capital, as well as a capital increase giving Iberdrola an additional 2.4% stake.
The total value of the company, including debt, is estimated at 5 billion euros.
The remaining 12% of ENW is held by a consortium of Japanese investors, with whom Iberdrola has signed a shareholding agreement.
ENW distributes electricity to almost five million customers in the north-west of England via a 60,000 km network.

Expansion and Investments

Iberdrola is pursuing its strategy of investing in countries with strong credit ratings, such as the AA-rated United Kingdom.
Since the acquisition of Scottish Power, the UK has become a key destination for Iberdrola’s investments, totaling almost 36 billion euros.
This acquisition makes the UK the leading country in terms of network assets for Iberdrola, with around 14 billion euros, followed by the United States with 13.3 billion euros.

Financial Performance and Outlook

In the first half of 2024, Iberdrola recorded a 64% year-on-year increase in net income, reaching 4.13 billion euros compared with 2.52 billion in the first half of 2023.
This growth is attributed to significant asset disposals and an increase in electricity generation, particularly hydroelectric.
In March, Iberdrola announces a €41 billion investment plan for the period 2024-2026, targeting mainly the United States (35%), the United Kingdom (24%) and the Iberian Peninsula (15%).
Iberdrola thus confirms its strategy of strengthening its position in key energy markets, capitalizing on growth opportunities in the renewable energies sector.
This acquisition illustrates the company’s commitment to investing in strategic assets, underpinning its long-term growth and consolidating its leading position in the sector.

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