Iberdrola Considers $1.8B Sale of US Renewable Assets
- Iberdrola SA eyes $1.8 billion sale of US renewable assets with Bank of America's help, part of strategic shift in the wake of recent developments.
Iberdrola SA is considering selling a 50% stake in a portfolio of US renewable-energy assets for up to $1.8 billion, with Bank of America Corp. assisting in the sale process. The portfolio includes 400 megawatts in solar plants and 300 megawatts in onshore wind, all with power purchase agreements signed with large technology companies. The sale is expected to be formally launched in July, with the goal of completing it by the end of the year.
This potential stake sale is part of Iberdrola's broader review of its strategy in the US, following the cancellation of a bid to acquire PNM Resources Inc. The company had previously considered selling half of Avangrid's renewable platform, but that plan has now been abandoned. Abu Dhabi clean-energy operator Masdar had also explored the possibility of investing in Iberdrola's US renewable assets earlier this year.
Is Iberdrola SA selling US renewable-energy assets to Bank of America Corp.?
- Iberdrola SA is considering selling a 50% stake in a portfolio of US renewable-energy assets for up to $1.8 billion
- Bank of America Corp. is assisting in the sale process
- The portfolio includes 400 megawatts in solar plants and 300 megawatts in onshore wind
- All assets have power purchase agreements signed with large technology companies
- The sale is expected to be formally launched in July, with the goal of completing it by the end of the year
- This potential stake sale is part of Iberdrola's broader review of its strategy in the US
- The company had previously considered selling half of Avangrid's renewable platform, but that plan has now been abandoned
- Abu Dhabi clean-energy operator Masdar had also explored the possibility of investing in Iberdrola's US renewable assets earlier this year.