Iberdrola, a Spain-headquartered electric utility and wind power developer, plans to sell up to 20% of shares in its renewable energy subsidiary Iberdrola Energias Renovables (Iberenova) through a capital increase to be followed by an initial public offering in the fourth quarter of this year. In addition, the utility authorized a prior reorganization of this business area with the goal of incorporating all renewable-energy-related subsidiaries of Iberdrola and ScottishPower companies in Iberenova.
The company says this plan will give the subsidiary increased visibility and provide resources to finance growth, without affecting the financial strength of the group. Iberdrola has a project pipeline worldwide of about 38,000 MW - approximately 19,200 MW of which is in the U.S.
