Iberdrola, S.A. ( Spanish pronunciation: [iβeɾˈðɾola] ) is a Spanish multinational electric utility company based in Bilbao , Spain. It has around 40,000 employees and serves around 30 million customers.
61-556: Subsidiaries include ScottishPower ( United Kingdom ) and a significant part of Avangrid ( United States ), amongst others. As of 2023, the largest shareholder of the company is the Qatar Investment Authority, with BlackRock and Norges Bank (managers of the Norwegian Government Pension Fund Global ) also holding significant interests. Iberdrola is the largest producer of wind power , and
122-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages
183-476: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be
244-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and
305-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of
366-593: A majority stake of 88% in British electricity distribution network operator Electricity North West for €2.5 billion, valuing the company at €5bn including debt. Its biggest deal in almost 10 years, in line with its strategic plan to focus on electricity grids. It has also inaugurated its fourth offshore wind farm in the world, and the first in France, Saint Brieuc . In 2023, the company has 41,250 MW of operational renewables and 7,100 MW under construction. The Renewables area of
427-553: A memorandum of understanding with Mexico Infrastructure Partners to sell 8539 MW of capacity from its gas-fired plants, and its 103 MW wind asset La Venta III as part of the $ 6 billion deal. The company remained the primary private producer of renewable energy in Mexico, and this initiative is in line with its carbon reduction goals. The company entered into a strategic partnership with the Abu Dhabi-based company Masdar to jointly develop
488-425: A positive impact on climate change. In 2016, Infigen announced the retirement of its managing director and CEO, Miles George and the appointment of Ross Rolfe as his successor with effect from the conclusion of the company's annual general meeting on 17 November 2016. Miles George had been the managing director and CEO of Infigen since 2009. In 2017, Infigen announced the retirement of Mike Hutchinson as chairman of
549-914: A same management being substantially controlled by same entity/group are called sister companies . The subsidiary will be required to follow the laws where it is headquartered and incorporated. It will also maintain its own executive leadership. The subsidiary can be a company (usually with limited liability ) and may be a government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for
610-455: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of
671-501: A total of 670MW capacity, and contracts two others for 89MW. All of Infigen's wind farms are accredited by GreenPower . Sources: GreenPower accredited generators Archived 6 September 2018 at the Wayback Machine Projects in development. Infigen Energy holds 100% equity interests in its Australian solar farm. Source: Company website Infigen Energy previously owned 18 renewable energy assets in nine states across
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#1732851743881732-569: A useful part of the company that allows every head of the company to apply new projects and latest rules. Infigen Energy Infigen Energy (Infigen) , operating under this name since 29 April 2009, is a developer, owner and operator of renewable energy generation assets in Australia. Infigen's wind farm portfolio has an installed capacity of 557 MW. Most of Infigen's assets generate electricity from renewable sources and are eligible to sell Large-scale Generation Certificates (LGCs) under
793-535: A year earlier. The European Investment Bank and Iberdrola have signed a €1 billion financing arrangement in 2023 to develop 19 solar power plants and three onshore wind farms in Spain , Portugal , and Germany . 70% of the plants will be built in rural areas impacted by the transition to net-zero and cohesion zones. The projects will generate enough green energy to power over 1 million households on average each year. In 2024, Iberdrola reaches an agreement to purchase
854-997: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it
915-474: Is able to reach up to 3,000 tons of green hydrogen per year and avoid the emission of 78,000 tons of CO2 per year. In 2022, Iberdrola inaugurated the Tâmega hydroelectric complex (Tâmega River – northern Portugal) with an investment of 1.5 billion euros. It involves the construction of three dams and three power plants (Gouvaes, Daivoes and Alto Tamega) with a combined capacity of 1,158 megawatts (MW), increasing 6% of
976-846: Is derived from the words infinite and generation. Infigen Energy listed on the Australian Securities Exchange (ASX) in October 2005 under the code BBW. When it joined the ASX, it had three wind farms with an installed capacity of nearly 150 megawatts. According to a 2007 article, it had 33 wind farms with an installed capacity of 1,200 megawatts. As of 2007, it was the world's fourth largest owner of wind farms and are Australia's biggest wind power supplier. In 2009, Infigen changed its name from Babcock & Brown Wind Partners after branching out from troubled parent company Babcock & Brown . ASX code IFN. In 2012, Infigen hosted its first "Run with
1037-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls
1098-464: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in
1159-744: The Lake Bonney Wind Farm . Infigen previously owned a wind farm portfolio in the US. In October 2015 Infigen sold its US wind business to an Arclight Capital Partners, LLC for US$ 274.4 million. The US wind farms are subsequently operated by Leeward Renewable Energy, LLC. Infigen reports under the Carbon Disclosure Project . Infigen is a member of the Australian Energy Council and the Clean Energy Council. The name Infigen
1220-404: The 1940s, Spain experienced extreme difficulty in acquiring technology and materials due to international isolation and soaring prices. The company benefited from the legal and social framework of the francoist dictatorship for its growth in economic and social relevance. Notably, the president between 1935 and 1985 of one of the former mergers, Hidroeléctrica Española, José María de Oriol y Urquijo,
1281-545: The 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea in summer 2023. In July 2023, Iberdrola agreed on a deal with Vodafone to provide renewable energy across three countries – Spain, Portugal and Germany with 410GWh of solar energy from newly constructed solar plants. As of the summer of 2023, 7,100 MW of new renewables capacity is under construction globally for a total investment of €12 billion, of which 3,000 MW relates to offshore wind. According to
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#17328517438811342-567: The 850 MW La Muela II pumped-storage hydroelectric power plant began operating, which, together with La Muela I, is the largest complex of its kind in Europe with almost 1,500 MW. The same year Iberdrola's first offshore wind farm in the Irish Sea (United Kingdom), West of Duddon Sands with 389 MW of power was launched, as well as Maine high voltage transmission line connecting the United States and Canada
1403-590: The Brazilian energy market. Additionally, Iberdrola expanded its global reach by acquiring Acacias Renewables, a company operating in the renewable energy sector in Japan. In 2021, Iberdrola acquired offshore wind projects in Taiwan. In 2023, the company sold its non-renewable assets in Mexico to Mexico Infrastructure Partners (MIP), aligning with its strategic focus on renewable energy. In August 2024, Iberdrola agreed to acquire
1464-607: The Brazilian market with the acquisition of Elektro. In 2015, the company made another significant move in the U.S. by acquiring United Illuminating (UIL), a publicly traded company, for 2,647 million euros. That same year, following the integration of Iberdrola USA and UIL Holdings Corporation, Avangrid was established and began trading on the New York Stock Exchange. In 2020 multiple acquisitions by Iberdrola were made. The company acquired Infigen Energy in Australia and subsequently renamed it Iberdrola Australia. In France,
1525-850: The Consejo Superior de Deportes (The National Sports Council) in the Universo Mujer program in 2016. The same year it launched Calangos complex in Brazil, the largest wind power facility in South America. In 2019, it launched the call for its 2020 Social Program to support vulnerable groups, with a budget of more than one million euros. The company also inaugurated the Baixo Iguaçu hydroelectric plant, supplying clean energy to one million Brazilians. East Anglia ONE offshore wind farm started generating clean electrical energy. Iberdrola launched i-DE,
1586-486: The Iberdrola group is responsible for the generation and sale of electrical energy from renewable sources: wind (onshore and offshore), solar, hydroelectric, green hydrogen, etc. At the end of 2022, Iberdrola Group had 60,761 MW of total installed capacity, of which 40,066 MW is renewable. In 2023, the company reached a capacity of 62,045 MW and 41,246 MW respectively, increasing the renewables by 6.5% worldwide. One of
1647-525: The Taiwanese market by acquiring offshore wind projects. By 2023, the company diversified its portfolio by selling assets from non-renewable sources in Mexico to Mexico Infrastructure Partners (MIP). Since 2001, the company has been committed to renewable energies and since 2006 it has continued its international expansion, increasing its presence in the United Kingdom, the United States and Brazil. In 2014,
1708-595: The United States, the purchase operation of PNM Resources, the electricity company of New Mexico and Texas, was pending permission from the Regulatory Commission. Also in 2020 (and 2021), the company was listed among the 10 best companies in the world in terms of integration of women, according to the World's Top Female Friendly Companies 2021 study, as well as in the Dow Jones Sustainability Index (being
1769-618: The Wind" 10-kilometre fun run at its Woodlawn Wind Farm . The following year, the company hosted their second fun run and were supported by the Greater Western Sydney Giants . In both races, the race was won by Olympian runner Martin Dent , and proceeds were donated to charity. Infigen hosted the fun run in the following years in 2014, 2015, 2016 and 2017. It was announced that in 2018 the fun run will be held on Sunday, 21 October. In 2013,
1830-490: The accompanying Great Depression brought many of these companies to the verge of ruin. In Spain, which had experienced a period of economic growth at the start of the 20th century, the industry suffered a severe setback in 1936 whose impact would be felt for the following two decades: the Spanish Civil War abruptly halted development, destroyed facilities and made maintaining the remaining equipment extremely difficult. In
1891-682: The arrival of Jose Ignacio Sanchez Galan in 2001 Iberdrola began focusing on renewable energy . In 2007, the company continued its international expansion, increasing its presence in the UK and the US via the integration of ScottishPower and Energy East. As a culmination of his commitment to renewable energy, Jose Ignacio Sanchez Galan has received the ESG Leadership Award from The Foreign Policy Association in New York, which recognizes leaders most committed to ESG principles. By 2011, Iberdrola had moved into
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1952-414: The beginning of 2022, Iberdrola commissioned a 730 km energy transmission line in Brazil, the largest power line across its operations globally. At the end of 2022, Iberdrola Group had 60,761 MW of total installed capacity, of which 40,066 MW is renewable. In 2023, the company reached a capacity of 62,045MW and 41,246 MW respectively, increasing the renewables by 6.5% worldwide. In February 2023,
2013-550: The board and appointment of non-executive director Len Gill in succession to Mr Hutchinson as chairman of the board. Infigen is a signatory to Caring for Climate, UN Global Compact . In June 2020 Credit Suisse launched an after-market takeover bid on Infigen Energy on behalf of UAC Energy . A competing takeover offer was launched by Iberdrola . The Iberdrola offer was ultimately successful, with UAC selling its stake to Iberdrola on 9 September 2020. Infigen Energy holds 100% equity interests in seven Australian wind farms for
2074-498: The commencement of trading on the New York Stock Exchange, strengthening Iberdrola's position in the United States. In 2020, Iberdrola acquired the Australian company Infigen Energy . Subsequently, the company was renamed Iberdrola Australia the following year. In 2020, Iberdrola expanded its renewable energy portfolio with the acquisition of Aalto Power, a French company specialising in renewable energy, and Ailes Marines. Aalto Power
2135-511: The company acquired Aalto Power, a renewable energy company with a focus on wind energy projects. In the U.S., Iberdrola made a move to purchase PNM Resources, an electricity provider for Texas and New Mexico, with the acquisition process subject to approval from the New Mexico Regulatory Commission. Additional 2020 acquisitions included CEB-D distributor in Brazil and Acacias Renewables in Japan. In 2021, Iberdrola ventured into
2196-436: The company collaborated with Danish wind turbines manufacturer Vestas on the wind energy campaign Act on Facts. In 2015, Infigen joined the Carbon Disclosure Project 's Road to Paris climate commitments, also known as We Mean Business coalition. The same year Infigen joined Australia's CitySwitch Green Office program, which is a partnership between businesses and local, state and federal governments working together to make
2257-485: The company expanded its operations into Brazil by acquiring the company Elektro, a strategic move to tap into the Brazilian market. In 2015, Iberdrola acquired the US company United Illuminating for a total of 3 billion euros. This acquisition bolstered Iberdrola's presence in the American market. Also in 2015, Iberdrola established Avangrid through the integration of Iberdrola USA and UIL Holdings Corporation. This move led to
2318-538: The company inaugurated the Puertollano green hydrogen plant (Puertollano – Ciudad Real), able to produce up to 3,000 tonnes of renewable hydrogen per year and supply clean hydrogen to the Fertiberia Group factory in town, allowing to reduce the consumption of natural gas. The total investment in the Puertollano plant is 150 million euros. It includes both green hydrogen facilities and a dedicated photovoltaic plant. It
2379-564: The company started developing a solar module factory in Langreo, Spain with an initial investment of €20 million. In March 2023 Iberdrola and BP signed a strategic alliance to accelerate the deployment of electric mobility and decarbonisation of transport. Specifically, their collaboration includes investing €1 billion to deploy a network of 11,700 fast and ultra-fast charging points for electric vehicles in Spain and Portugal. In April 2023, Iberdrola signed
2440-511: The company's investments of 8,158 million euros raised Iberdrola's net profit to 3,406 million euros in 2019. That year, the largest photovoltaic plant in Europe was commissioned—the Núñez de Balboa plant (500 MW) in Badajoz. Iberdrola located its global smart grid innovation center in Spain. In Australia, construction was started on Port Augusta, its first wind-solar hybrid plant in the world. In
2501-540: The data published by the National Securities Market Commission (CNMV) in July 2023, the company has increased its renewables installed capacity by 6.5% worldwide in the last 12 months, reaching a total of 41,246 MW. As of 2023, the company has a workforce of 41,000 employees and assets of more than €160 billion. In 2023, Iberdrola's net profit for the first half rose to €2.52 billion from 2.08 billion euros
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2562-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where
2623-418: The following year. The company's major offshore wind energy projects include: Subsidiary A subsidiary , subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company , which has legal and financial control over the company. Two or more subsidiaries that either belong to the same parent company or having
2684-868: The group's main vectors is offshore wind. It has facilities in UK, Germany, USA, France and develops offshore wind activities in Poland, Sweden, Ireland, the United States, Brazil, the Philippines ;and Japan, expanding its offshore wind portfolio to 30 GW. At the end of 2023, Iberdrola had 1,793 MW offshore in operation and 3000 MW under construction or secured with long-term contracts, which will come into operation before 2027 thanks to investments of nearly 30,000 million euros worldwide during this decade. The company currently has four offshore wind operating plants and four under construction: Baltic Eagle (Germany) and Vineyard Wind I (USA) will come on stream in 2025 and East Anglia 3 (UK) and Windanker (Germany)
2745-517: The latter part of the 20th century, Iberdrola began expanding into Latin America, mainly Mexico and Brazil. With ScottishPower and Iberdrola formed in Europe, in 1998 Energy East Corporation came into being in the US following New York State Electric & Gas's acquisition of Central Maine Power, Southern Connecticut Gas Company, Connecticut Natural Gas Company, Berkshire Gas Company and RGS Energy Group (the parent of Rochester Gas & Electric). Following
2806-594: The mandatory Renewable Energy Target scheme, which operates in Australia under the Renewable Energy (Electricity) Act 2000 . Since 2020, Infigen Energy has been a subsidiary of Iberdrola . Infigen also operates open cycle gas turbine power stations Smithfield Energy Facility in New South Wales and will take on Temporary Generation South in South Australia in 2020, in addition to a grid-scale battery near
2867-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary
2928-585: The merger between Hidroeléctrica Ibérica and Saltos del Duero in 1944. The origin of Iberdrola lies in the Spanish industrialisation in the early 20th century. In 1840, American entrepreneurs founded the Hartford City Light Company, which lead to the incorporation of Energy East on the eastern seaboard of the US, which would much later become Iberdrola USA. Meanwhile, in Bilbao in 1901, Hidroeléctrica Ibérica
2989-529: The new brand of its electricity distribution activity in Spain, which manages 270,000 km of digitalised power lines. That year Iberdrola entered the ranking of the 100 most sustainable companies in the world, according to the latest classification carried out by Corporate Knights. The European Commission classified Iberdrola as the most innovative Spanish utility and third of Europe. Iberdrola's direct tax contribution worldwide amounted to 8,156 million euros in 2019, 217 million more than in 2018. In 2020,
3050-666: The only European utility company to be named in 22 editions of the index). In 2021, Iberdrola announced, through its British subholding ScottishPower , the investment of an additional 6 billion pounds (7,090 million euros) in the construction of the East Anglia Hub offshore wind farm (North Sea – United Kingdom). This offshore wind macro complex is bringing together three projects with a total installed capacity of 2,900 MW: East Anglia ONE North, East Anglia TWO and East Anglia THREE. The works, involving an investment of 10 billion pounds, began in 2022 and planned to last four years. In 2022,
3111-479: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,
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#17328517438813172-468: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,
3233-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain
3294-543: The remaining 18.4% of its US subsidiary, Avangrid and inauguration of the group's fourth offshore wind farm, Saint Brieuc, in France. In 2006, Iberdrola acquired ScottishPower , leading to the integration of this company in April 2007. This gave rise to Europe's third-largest utility. In 2008, Iberdrola continued its expansion with the acquisition of the US-based company Energy East, further solidifying its global presence. In 2011,
3355-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called
3416-455: The total electrical power in the country. In 2022, investments of 10,730 million euros raised Iberdrola's net profit to 4,339 million euros, which represents an increase of 11.6% compared to the previous year. During the year, Iberdrola reached 40 GW of operational renewable energy and expects to add 7,675 MW in the next four years (of which, 3,500 MW will be offshore wind). In addition, it reached an emission of 59 grams CO2/kWh in Europe. At
3477-401: The world's second largest electricity utility by market capitalisation. As of 2023, the company operates a capacity of 62,045 MW, of which 41,246 MW are from renewable sources worldwide. Iberdrola was created on November 1, 1992, from the merger between Hidroeléctrica Española and Iberduero . Hidroeléctrica Española, also known as Hidrola, had started in 1907, while Iberduero arose from
3538-591: Was a relevant Spanish nationalist who allegedly declared to have been part in the investigation and prosecution of more than 80.000 people in the Basque Country. In 1944 Hidroeléctrica Ibérica and Saltos del Duero merged to form Iberduero. In 1955, the South of Scotland Electricity Board (SSEB) came into being, paving the way for the creation of ScottishPower four decades later, in 1990. Two years after that, Hidroeléctrica Española and Iberduero merged to form Iberdrola. In
3599-596: Was established by the engineer Juan de Urrutia. In 1907, Hidroeléctrica Ibérica shareholders created Hidroeléctrica Española to supply Madrid and Valencia . A decade later, Saltos del Duero was founded, opening the country's first hydroelectric facility in 1935, the Ricobayo power plant. World War I forced the industry to seek new sources of energy and to install large distribution networks. Amid huge instability, US power companies underwent consolidation to decrease their financial uncertainty. The stock market crash of 1929 and
3660-601: Was installed. In 2015, the company committed to reduce CO2 emissions by 50% by 2030 and at the end of 2017 announced its intention to close all of its coal-fired power plants worldwide. Iberdrola announced an investment to a total of €47 billion, of which €17 billion in renewables to increase renewable capacity by 12,100 MW to 52,000 MW in 2025 (6,300 MW of photovoltaic, 3,100 MW of onshore wind, 1,800 MW of offshore, 700 MW of batteries and 200 MW of hydro). Iberdrola started sponsoring Women's Soccer League in Spain, which adopted its name (Primera Iberdrola), and collaborated with
3721-488: Was involved in wind energy projects, both in operation and in development. Also in 2020, Iberdrola made an important move in the United States by purchasing PNM Resources, an electricity company serving Texas and New Mexico. This acquisition's completion is subject to approval from the New Mexico Regulatory Commission. That year, Iberdrola furthered its presence in Brazil by acquiring the CEB-D distributor, enhancing its footprint in
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