Iberdrola sells its Romanian business for 88 million euros
Iberdrola is making progress in its plan to divest non-strategic assets and has reached an agreement with the energy company Premier Energy Group to sell its renewable energy business in Romania for 88 million euros. In this way, Premier Energy Group, through its Romanian subsidiary Premier Renewable Invest Co SRL, has taken control of 100% of the wind power company Dobrogea One, until now owned by Iberdrola.
Iberdrola is selling its 80 MW of wind power capacity in the region, which means that it is no longer operating in the country. The transaction is subject to the usual regulatory approvals for this type of transaction in Romania.
Asset rotation plan
This divestment is part of the company's Strategic Plan presented on 21 March in London, in which it aims to raise more than 12.2 billion euros in the period 2024-2026.
In recent months, the energy group has closed several long-term alliances to boost the decarbonisation of the economy:
- The alliance with Norges has been extended and the agreement now totals 2,500 MW.
- Iberdrola in December closed a deal with Masdar to co-invest 15 billion in offshore wind and green hydrogen in Germany, the UK and the US, following the successful investment agreement announced in July to co-invest in the Baltic Eagle offshore wind farm.
- Last September it teamed up with GIC for the expansion of transmission grids in Brazil for €430 million.
- The company has sold more than 8,400 MW of combined cycle gas plants in Mexico for $6.2 billion.
- Iberdrola and BP also signed a strategic alliance in March to deploy 11,700 fast-charging points in Spain and Portugal, and launched their joint venture on 1 December.
- Iberdrola and MAPFRE have continued to advance their strategic alliance by adding 150 new MW through a joint venture, which already has 450 MW.
- In January 2023, the electricity company signed a 1,265 MW renewables alliance in Spain with Norges Bank Investment Management.