Iberdrola bolsters US renewables position with US$8.3bn PNM transaction

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Ignacio Galan, pictured, said the deal resonated with Iberdrola's broader strategy. Image: Iberdrola.

Iberdrola has cemented its status in the US renewables market by acquiring regulated utilities arm PNM Resources in a deal worth US$8.3 billion.

PNM Resources, which holds Texas- and New Mexico-facing utilities PNM and TNMP, will be merged into Iberdrola’s existing US utility Avangrid, which already operates in some 24 states. PNM also holds 2.8GW of generation capacity, which will add to Avangrid’s 8.1GW.

PNM shareholders are to receive US$4.3 billion in cash, with net debt and other adjustments with a value of US$4 billion factored into the overall enterprise value of the transaction.

Iberdrola said the deal would accelerate the company’s growth in the US, where it is establishing a sizeable pipeline of renewable projects, including utility-scale solar arrays.

It will also see Iberdrola double down on New Mexico and Texas, markets where the Spanish energy giant already has 1.9GW of renewable energy capacity and a further pipeline of 1.4GW.

Ignacio Galán, Chairman & CEO of Iberdrola and Chairman of Avangrid, said the deal aligns with the company’s broader strategy of friendly transactions in the field of renewable energy.

Read Next

March 4, 2021
Spanish energy company Iberdrola has added 750MW of solar PV capacity to its development pipeline.
March 4, 2021
A round-up of the latest solar project news from around the world, including updates from Hanwha Q CELLS and Capital Dynamics.
PV Tech Premium
March 4, 2021
An exclusive recording from our Solar Finance & Investment Europe event, featuring a panel discussion on the future of the solar industry.
March 3, 2021
EDP, Iberdrola and BayWa r.e. are among the signatories of a new charter that calls on Europe to “accelerate and massively deploy” additional renewables capacity to support the continent’s green hydrogen ambitions.
March 3, 2021
Iberdrola is progressing with efforts to develop three solar farms in Spain’s Valencia region that will have a combined capacity of 450MW and require an investment of more than €235 million (US$284 million).
March 1, 2021
Xcel Energy has announced plans to double its renewables and battery storage capacity in Colorado by 2030, as the utility progresses with efforts to reach 100% carbon-free electricity generation across its service area by 2050.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021