2024-08-02 19:16:29
The British will go under the Spanish Flag. The work shows the consolidation phase which starts in renovations.
New energy giants are beginning to emerge, with the rise of renewables. Spanish Iberdrola, one of the world leaders in the sector, announced that it will pay 2.5 billion euros to get its hands on 88% of the capital of the English company “Electricity North West Limited” (ENW). The transaction concerns the acquisition of 85.5% of ENW shares and a capital increase.
«The total value of ENW, including debt, amounts to 5 billion euros», specified Iberdrola. The remaining 12% of ENW, which distributes electricity to five million customers in the northwest of England through a 60,000 km network, is in the hands of a group of Japanese investors, with whom Iberdrola has signed a distribution agreement.
Since acquiring Scottish Energy in 2007 for 23 euros, Iberdrola has continued to strengthen its presence in the United Kingdom, bringing its investments to approximately 36 billion euros in seventeen years. . “With this transaction, the United Kingdom becomes the leading country of the company in terms of net asset base, with around €14 billion, followed by the United States with €13.3 billion.», further specifically Iberdrola.
The Spaniard is showing good financial health. In the first half, its profit increased by 64% year-on-year in the first half, reaching 4.13 billion euros. The first six months of the year were marked by significant asset sales and an increase in electricity production. Like EDF, the Spaniard has broken production records with his hydroelectric dams, fueled by record heavy rains since last winter.
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