Iberdrola is looking to sell a portfolio of gas, wind and solar assets in Spain that could raise more than $700 million, three sources familiar with the matter told Reuters.
The Spanish company has said it intends to divest assets to finance a three-year investment plan of up to 47bn euros (US$51bn), maintain its credit rating and maintain a dividend payout of up to 75% of its earnings per share. .
These are divestments for a total value of 4.9 billion euros, along with partnerships in projects valued at 2.6 billion euros.
Iberdrola is working with Deutsche Bank on the sale of the 2.4 gigawatt (GW) portfolio, the sources said.
In recent days, the investment bank has started contacting potential buyers, including infrastructure investors, fund managers and industry groups, to gauge their interest, they added.
Interest in the more predictable returns offered by alternative energy has risen sharply since Russia’s invasion of Ukraine, pushing infrastructure and pension funds to compete with big European oil and gas companies in low-carbon energy.
Iberdrola and Deutsche Bank declined to comment.
The final price of Iberdrola’s portfolio will depend on the valuation of gas assets, which were underutilized in Spain until last year, when production increased, the sources said.
A combined cycle power plant (CCGT), which uses both a gas and a steam turbine together to produce electricity, is included in the sale, the people said.
These facilities could play a fundamental role in supporting renewable energy in Spain when there is a lack of wind, rain and sun.
The portfolio consists of a CCGT with 1.6 GW capacity located in southern Spain, 300 megawatts (MW) of onshore wind farms in operation and projects to develop 500 MW of solar plants to integrate with the gas plant, two of the companies said. sources.
Iberdrola reached an agreement last week with Norway’s sovereign wealth fund to sell a 49% stake in a 1.3 GW portfolio of solar plants and onshore wind farms for 600 million euros.
It is also looking to sell minority stakes in its expensive offshore wind developments in Germany and the United States, and is considering selling a stake in its US renewables business, sources close to the matter have told Reuters.
Source: Gestion
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