Iberdrola Mulls Selling Stake in US Renewables Business
Iberdrola Mulls Selling Stake in US Renewables Business
Bank appointed to work on ‘possible sale’ of minority share, says Reuters
Spanish power company Iberdrola is considering the sale of a stake in its US renewables business to help to finance new investments.
In a Reuters story, confirmed by two sources with knowledge of the matter, one of the sources told the newswire that Iberdrola had appointed a bank to work on a possible sale of a minority stake in the renewables operation but the process was at a preliminary stage and no information has yet been sent to potential buyers.
Bloomberg, which first reported the news, cited unidentified sources as saying that Iberdrola was considering seeking a financial partner for its existing green energy projects in the United States and to help to fund future initiatives.
Avangrid Renewables, a subsidiary of Iberdrola’s US business Avangrid has more than 7.3MW of wind and solar capacity across the US.
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