Tuesday, December 06, 2022

Iberdrola plans to sell property in US for $2,000 million

Iberdrola’s subsidiary Avangrid is preparing a 2,000 million divestiture plan in the United States. The company has announced that Will review property by property Mainly to invest in the regulated business sector in the network and try to maximize the resources to strengthen itself.

American Electric Co. has decided to embark on this sales plan in order to maintain the muscle needed for potential investments in development that will be needed in the future.

Throughout this year, Avangrid has decided to use part of 4,000 million of capital increase This was done in May 2021 to finance the investment in renewable energy and networks for the purchase of PNM Resources.

For this reason, the company plans to make a new capital increase. about 1,900 million euros If PNM Resources deal goes ahead. Otherwise, the company’s CEO, Pedro Azagra, believes that completing it will be unnecessary as the company will have more than enough capacity to continue funding its growth.

Iberdrola Guarantee

Meanwhile, Iberdrola has given Avagrid a letter of guarantee for 4,300 million to be able to maintain the New Mexico company’s purchase operations, while the legal battle over the denial of the operation by the state regulatory commission is resolved.

PNM will need 4,000 million 2,000 million for procurement operations and to finance its investment plans by 2025. These amounts are included in the $14,300 million plan announced in the United States at the end of October, which is why the company is set to roll out the plan. As the group has done in the past.

Avangrid will be looking for partners for some projects in both wind and photovoltaics as well as offshore wind. In some projects, assured their first executive in the country, they will be sold outright, others will remain completely and in other cases alliances will be sought in which It can be assumed that the company will retain 40% And the remaining or 50% of the shares will be settled.

The power company also provides leads and ensures that as the turbines’ capacity increases it can get away with projects without changing its initial purpose of producing electricity, as in the case of Kitty Hawk, which the company called has already announced that it will increase its capacity from 2,500 to 3,500 MW or hand over only part of the area on which the leases have been signed.

The company hopes to install renewable energy 1,300 MW rate But with the association plan it aspires to, only 700 MW per year will be targeted.

Avangrid currently has 600 MW of renewable energy under construction and is looking to continue to consolidate the regulated business load in its income statement. Commonwealth and Park City can also bring in partners.

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