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Iberdrola hires Barclays to sell stake in Spanish renewable portfolio, Expansion says
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MADRID (Reuters) – Spanish power company Iberdrola hired Barclays’
MADRID (Reuters) – Spanish power company Iberdrola hired Barclays’ investment bank to sell up to 49% in a portfolio of Spanish renewable power projects, Expansion newspaper reported on Monday, citing unidentified market sources.
Iberdrola is considering selling a stake in a series of wind and solar power projects, most of them still in development, with a total capacity of 1.2 gigawatts, the newspaper said.
The assets are worth about 500 million euros ($482.50 million), the newspaper said, according to its market sources.
Iberdrola is selling stakes in some of its most advanced renewable projects to raise cash to partly finance its 150 billion euro 2020-2030 investment plan. It has recently agreed to sell a minority stake in a giant off-shore wind project in Germany for 700 million euros.
Representatives of Iberdrola and Barclays did not immediately return calls seeking comment.
($1 = 1.0363 euros)
(Reporting by Inti Landauro, Editing by Louise Heavens)
Renewable energy is energy generated from natural resources that are replenished constantly, such as solar, wind, and hydro power. It is considered more sustainable compared to fossil fuels.
Equity investment involves purchasing shares of a company, giving the investor ownership rights and potential dividends. It is a common way to raise capital for businesses.
Sustainability refers to the ability to maintain or improve certain essential processes or systems without depleting resources or causing harm to the environment, ensuring future generations can meet their needs.
An investment portfolio is a collection of financial assets like stocks, bonds, and real estate held by an investor. It is designed to achieve specific financial goals.
Energy technologies encompass a range of innovations and methods used to produce, store, and utilize energy efficiently, including renewable energy systems and energy-efficient appliances.
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