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Iberdrola, Spain's leading wind energy group plans to invest 75 billion euros ($ 88 billion) in its renewable energy production, networks and retail business by 2025 to capitalize on the growing global demand for clean energy, he said on Thursday
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(Bloomberg) - Avangrid Inc, the US subsidiary of Iberdrola SA, has agreed to buy PNM Resources Inc of New Mexico for $ 4.3 billion, strengthening the Spanish utilities giant's position as a global giant in a growing industry. The deal - at $ 50 30 per PNM share and a 10% premium - PNM value at $ 8 3 billion, including debt This is the eighth acquisition of Iberdrola since the start of the coronavirus pandemic The company bought Infigen Energy of Australia in September The deal will give Iberdrola a presence in the US Southwest, extending beyond Avangrid territory in the northeast It is also pursuing a strategy from CEO Ignacio Galan to expand beyond of the Iberian Peninsula and to develop a global company in power grids and renewable plants“Iberdrola has definitely been very interested in US simple utilities,” said Kit Konolige, utilities analyst for Bloomberg Intelligence “This matches the Iberdrola playbook” Avangrid shares fell 95% in New York and PNM rose 93% PNM purchase would give Iberdrola 10 regulated utilities in six states - New York, Connecticut, Maine, Massachusetts, New Mexico and Texas, according to the companyThe deal also reflects growing attention to the transition to cleaner energy in the US, driven by the economy favoring wind and solar farms over coal - despite President Donald Trump's efforts to water down environmental rules in Au In recent months, the renewable energy-focused NextEra Energy Inc has become the world's largest utility owner in terms of market value and weighed in a bid for electricity giant Duke Energy Corp. Galan has been among the first in the utilities sector to shut down coal-fired power plants and build renewables, taking advantage of falling cost of wind turbines and government incentives to cut emissions This sparked a wave of deals to reshape the electricity sector, prompting major oil companies, including Royal Dutch Shell Plc and Total SA, to take over part of a business once dominated by services. public"We've been pioneering the energy revolution for 20 years, when everyone thought electricity couldn't be produced from clean sources," Galan told analysts during a earnings call Wednesday. "We started our energy transition 20 years ago" By purchasing Spree Overall, this year's buying spree has helped push Iberdrola's portfolio of future energy projects to over 70 gigawatts of capacity That's 40% more green energy than BP Plc said it plans to be ready to go in the next decade, the most ambitious plan among European oil majors Galan seeks to bring Iberdrola into new markets in the most developed economies, firming up avenues to build more green energy projects in the years to come He saw the coronavirus-induced economic downturn as an opportunity to increase spending, promulgating 10 billion euros ( $ 11.9 billion) investment plan PNM provides electricity to approximately 790,000 homes and businesses in Texas and New Mexico and has 28 gigawatts of generating capacity, reports show s on his website Like many US utilities, he pushed to pull out coal-fired power plants and add renewable energy, goes hand in hand with an effort Iberdrola started nearly two decades ago. Iberdrola published positive financial results on Wednesday with an increase in net profit and profits in the three months ending in September The company saw a 52% increase in investments in renewable energy in the first nine months of 2020 and added more 46 gigawatts of electric capacity in past 12 months The $ 50-30 a deal on one share is a 10% premium over Tuesday's closing price, but also a 10% reduction from the pre-Covid peak earlier This year Iberdrola's shares have risen nearly 19% this year, making it the second-largest company in the benchmark Ibex-35 by market capitalization PNM received the regulatory approval to more than triple its renewable energy capacity to 2 gigawatts by the end of 2022 It has set itself the goal of being 100% emission-free by 2040 The operation requires the approval of a PNM General Meeting of Shareholders (Updates with analyst commentary in fourth paragraph) For more articles like this please visit us at bloomberg Subscribe now to stay ahead with news source Most Trusted Business © 2020 Bloomberg LP
Albuquerque-based PNM Resources and Connecticut-based utility and renewable energy development company
Albuquerque-based PNM Resources and Avangrid, a Connecticut-based utilities and renewable energy development company, announced an agreement early Wednesday morning for Avangrid to acquire PNMR for $ 4.3 billion.