Iberdrola won the Award for Best Business Operation for its exit from Mexico, which resulted in the sale of 55% of its business in that country for approximately 6.2 billion euros. Gonzalo Gortázar, CEO of CaixaBank, presented the award to David Mesonero, director of Global Development of the energy company at the 14th Edition of elEconomista.es’ La Noche de la Economía. Mesonero highlighted that it is a “large operation” that allows Iberdrola to grow in the US and the United Kingdomwhere they have recently taken over the Manchester distributor.
The transaction involved the sale of 12 combined cycle plants with an installed capacity of more than 8,500 megawatts. Thus, it represents a step forward for Iberdrola, which had Mexico as one of its main markets in the world, but Its strategic investments have been directed towards other markets for yearswith the priority focus on the United States. The firm maintains 15 plants, all its activity with private clients and has a portfolio of renewable projects for more than 6,200 megawatts.
“It is a pride that a company like Iberdrola, after years of a complicated relationship with the Mexican Government, has reached a solution about 10 months ago,” Mesoneros said. The electricity company has maintained an intense confrontation with the Mexican Government in recent years.
It reached such a point that Iberdrola had problems starting up some combined cycle facilities that it could not start due to the constant delays in government permits, an extreme that would have become the trigger for this sharp reduction in Iberdrola’s weight in Mexico.
The capital gains generated in the transaction allow Iberdrola to “face and reinvest part of those profits in the country’s own growth in renewable energy,” he indicated. The company will increase its commitment to renewable energy in the coming years. In fact, the divestment of the company led by Ignacio Galán serves to reduce its generation with natural gas combined cycles to accelerate its decarbonization process. It also contributes to the electrification of the planet.
40 operations in two years
“It is the result of the work of a team that I am proud to lead, of 50 people, present in Spain, Brazil, the US, Australia and the United Kingdom,” explained the director of Global Development at the gala. “We have completed practically 40 corporate operations in the last two years, worth about 17 billion euros,” he said.
Iberdrola’s strategic plan presented on November 9 provided for divestments and alliances of 4,900 and 2,500 million respectively. The electric company also set out to be carbon neutral by 2030 in its own generation and consumption plants and in all its activities by 2040. With this operation, Iberdrola will promote these objectives.
The group’s current CO2 emissions per kWh were 88 grams at the end of 2022 (96 in 2021), with an emission-free generation capacity at 85% from around 70% currently.
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