IBDRY - Iberdrola considers sale of stake in U.S. renewables business - report

Iberdrola ( OTCPK:IBDSF ) ( OTCPK:IBDRY ) is weighing the sale of a stake in its U.S. renewables operation, as it seeks a financial partner for its existing green energy projects in the U.S. and to help fund future initiatives, Bloomberg reported Monday.

The move would be in line with the Spanish power company's 2023-25 strategic plan to pay down debt and reduce its cost of capital by raising billions of euros through asset rotation and the sale of stakes in certain units, according to the report.

Iberdrola ( OTCPK:IBDSF ) ( OTCPK:IBDRY ) said at a recent investor day that its biggest capital expenditure over the three-year period will be expanding its U.S. electricity network in the U.S., which includes NYSE-listed Avangrid ( AGR ).

Iberdrola ( OTCPK:IBDSF ) ( OTCPK:IBDRY ) plans to spend €47B in energy transition assets during 2023-25, WideAlpha said in an analysis published recently on Seeking Alpha .

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