Iberdrola to acquire remaining 18.4% of Avangrid in $2.6B deal

Brian Martucci | Source: Utility DIVE | Posted 05/22/2024

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Iberdrola will acquire 100% of Avangrid, its publicly-traded American subsidiary, in a $2.6 billion transaction approved by both companies’ boards of directors this month, Iberdrola said in a news release Friday. Iberdrola, which already owns 81.6% of Avangrid, will purchase the remaining 18.4% stake for $35.75/share.

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Spanish energy giant Iberdrola is set to acquire the remaining 18.4% stake in its American subsidiary, Avangrid, for $2.6 billion. This move, approved by both boards, will further expand Iberdrola's presence in the U.S. energy sector, with plans to invest billions in grid infrastructure in the U.S., United Kingdom, Brazil, and Spain by 2026.

Avangrid, known for its renewable energy projects and extensive onshore wind, solar, and biomass capacity in the U.S., will continue business as usual under Iberdrola's ownership. Despite challenges facing offshore wind development, Iberdrola's strategic focus remains on network investments in countries with strong credit ratings, with a significant share dedicated to the U.S. operations in New York and New England.

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Iberdrola to acquire remaining 18.4% of Avangrid in $2.6B deal

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