Iberdrola remains attractive to investors: Goldman buys 6% of capital
Iberdrola remains attractive to investors despite the uncertainties affecting the energy markets and the levies on electricity companies in Spain.
The US investment bank Goldman Sachs has informed the Spanish Securities and Exchange Commission (CNMV) that it has acquired more than 6% of Iberdrola's capital, a transaction worth around 4,000 million euros.
The financial institution has acquired financial instruments equivalent to 5.5% of the capital of the group chaired by Ignacio S. Galán and 0.6% of shares. With this transaction, it has become the second largest shareholder of the energy company, ahead only of the sovereign wealth fund Qatar Investment Authority, which holds 8.7% of the shares, followed by the fund manager BlackRock, which owns 5.4% and is an active partner of the electricity company.
Analysts and managers value the geographic and business diversification that has marked Galán's long management of the company, which trades at around 11 euros and has seen a revaluation of 10% in the year. The presentation of the strategic plan until 2025 last November has been well received on the stock market, although the company was concerned about the conditions expected in the Spanish market, and has not ruled out going to court over government measures.
Iberdrola, which plans to invest 47,000 million euros until 2025, wants to grow in regulated businesses and renewable energies, with more selective criteria regarding the returns they bring to shareholders. It also raised the forecast for Ebitda, net profit and dividend increase, while also prioritising debt reduction and the divestment programme.
On the latter, the company is finalising the entry of a partner, which will acquire 49% of the shares of the company that groups together the renewables portfolio. Financial media report that the choice of partner is expected to take place next week, and the group has at least four candidates, including the Norwegian sovereign wealth fund Nordes. The portfolio consists of 150 megawatts of wind and 1,100 megawatts of photovoltaics. It is valued at around 1.2 billion euros.
