Iberdrola has announced its bid to acquire an 18.4% stake in its US subsidiary, Avangrid.
With approximately 81.6% ownership already, Iberdrola’s proposed investment amounts to $2.48 billion (£1.8bn), equivalent to €2.28 billion (£1.8bn).
The objective of this move is to bolster Iberdrola’s presence in the US networks business, targeting markets with high credit ratings and regulated businesses.
Avangrid, headquartered in Connecticut, boasts assets worth $44 billion (£34.5bn) and operates across 24 US states, with a focus on networks and renewables.
Its networks business serves over 3.3 million customers in New York and New England, while its renewable energy portfolio spans the US.
The company, which employs 8,000 individuals, reported adjusted gross operating profit (EBITDA) of $2.43 billion (£1.8bn) in 2023, marking an increase from the previous year.
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