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Iberdrola plans to invest in the US almost 15,000 million until 2025 & More Latest News Here

 

Large companies such as Iberdrola have their sights set on those international markets that provide sufficient legal guarantees and that, in the short and medium term, will invest more in clean energy sources. Thus, the multinational chaired by Ignacio Sánchez Galán maintains a roadmap with an unprecedented expansion phase in territories such as the United Kingdom, France, Germany, the United States or, for example, Australia where last week it strengthened contacts at the highest level with your prime minister.

Along these lines, Avangrid, the US subsidiary of Iberdrola, announced yesterday that it plans to invest some 14,787 million euros in the US until 2025, including the acquisition of PNM Resources.

Specifically, the energy company will allocate that total figure in the next three years, of which the majority, some 12,964 million, will be used in the Networks section, thus absorbing 88% of the allocations in the period.

For its part, Avangrid’s Renewables business will allocate a total of around 1,823 million euros, mainly to offshore wind power, with around 1,215 million.

This total figure for the period includes the slightly more than 6,583 million euros that the purchase of PNM Resources would entail, an operation that was blocked by the New Mexico Regulatory Commission at the end of 2021, a decision that the company appealed and that trusts in being able to close over the next year.

PNM Resources would be the largest purchase in the United States of the Spanish energy company and the second in its international expansion, after that of Scottish Power, the British group acquired in 2006.

Regarding its adjusted net profit per share, Avangrid forecasts an annual growth rate of between 6% and 7% in the next three years, including PNM resources.

The CEO of Avangrid, Pedro Azagra, indicated that the company is “driven by its commitment to execution, growth and value creation”, highlighting that the combination of regulated businesses and renewable energy contracts “is one of its main differentiators”.

Avangrid’s Networks business has assets worth approximately €12,168 million, which it expects to increase to €20,280 million in 2025.

The firm has been present in the US for 15 years, and has assets that exceed 40,558 million euros in 24 states, serving a population of more than seven million.

weather week

On the other hand, the Chairman of Iberdrola, who attended Climate Week in New York, agreed with the UN Secretary General that the current world scenario shows that the energy transition cannot wait, as it is the solution for both problems created by the high prices of fossil fuels such as climate change.

In this forum, Sánchez Galán underlined the investment commitment of the Spanish energy company in the green transition, both globally and in the US, and called on political leaders and companies in the private sector to strengthen their collaboration, since “the The current world scenario shows that the energy transition cannot wait”.

“This is not a climate issue, energy self-sufficiency is urgent and addressing the problems of high prices for fossil fuels, which account for 80% of global energy consumption.”

Galán assured that Iberdrola has invested more than 140,000 million in the energy transition, and confirmed that “it will accelerate” its plan aimed at renewables, networks and storage, “generating a positive impact for the economy, society and nature”.

Iberdrola plans to invest in the US almost 15,000 million until 2025
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