European Power Giant Selling $1.8 Billion U.S. Solar, Wind Projects.

By Oliver Townsend May 23, 2024
European Power Giant Looks to Sell $1.8-Billion U.S. Solar and Wind Projects.jpegOrginal image from: https://oilprice.com/Latest-Energy-News/World-News/European-Power-Giant-Looks-to-Sell-18-Billion-US-Solar-and-Wind-Projects.html

European Power Giant Iberdrola is looking to sell $1.8 billion U.S. solar and wind projects, aiming to raise funds by offering 50% of a portfolio of renewable energy projects to potential buyers. The Spanish utility company is a major player in the renewable energy sector in Europe and the Americas, with plans to focus on investments in the United States. This move comes as part of Iberdrola’s broader strategy to accelerate electrification in key markets by investing $44 billion and hiring 10,000 people by 2026.

Selling Solar and Wind Projects

Iberdrola is targeting the sale of 50% of its solar and wind projects in the U.S., totaling 400 MW of solar plants and 300 MW of onshore wind farms. These projects have purchase power agreements with major technology firms, making them attractive assets for potential buyers. The formal sales process is expected to begin in July 2024, with the company aiming to complete the sale by the end of the year.

Iberdrola’s Investment Strategy

Earlier this year, Iberdrola announced plans to focus a significant portion of its multi-billion investments on the United States, emphasizing the country as a key destination for capital expenditure. The company is committed to expanding and strengthening its networks in the U.S., the UK, Brazil, and Spain, with the U.S. receiving the largest share of investment at 35% of the total capex. This strategic focus aligns with Iberdrola’s goal of driving electrification and sustainable energy development in key markets.

Key Investment Highlights

With a robust investment plan of $44 billion over the next few years, Iberdrola aims to drive electrification, expand renewable energy projects, and create job opportunities in the markets it serves. By strategically allocating capital to regions with growth potential and focusing on renewable energy projects, the company is poised to make a significant impact on the energy transition and contribute to a more sustainable future.

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