Iberdrola_Renovables

Iberdrola Renovables

Iberdrola Renovables

Spanish energy company

Iberdrola Renovables was a subsidiary of Iberdrola, headquartered in Valencia, Spain, which included companies in the domains of renewable energy, particularly wind power. The firm was the world's largest renewable energy firm:[1] it was the world's largest owner-operator of wind farms,[2] but also operated in the solar, hydro, biomass and wave power industries.

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History

Iberdrola Renovables was registered in Madrid following its incorporation in 2001. It started as a wholly owned business unit of Iberdrola under the name Iberenova.[3] In 2009 the company changed its registered office to Valencia. However, it still had a strong presence in Madrid and in Bilbao, its birthplace.

Flotation

The company was listed on the Madrid Stock Exchange in December 2007 in an initial public offering.[4] 844,812,980 new shares were placed at a price of €5.30 each. The operation totalled €5 billion, the largest placement ever made on the Spanish market by a new company.[citation needed]

The company joined the benchmark IBEX 35 index in a February 2008 reshuffle.[5]

Merger with Iberdrola

In July 2011, Iberdrola Renovables merged with its parent company Iberdrola and is now Iberdrola's renewable energy business.[6] Minority shareholders could change their shares into Iberdrola shares at a 1 for 2 ratio, equivalent to a value of around €3 for each share of Iberdrola Renovables.

See also

References

  1. [1]
    "UPDATE 3-EDP Renewables shares slip on bourse debut". Reuters. 2008-06-04.
  2. [2]
    "Iberdrola to float world's largest wind-power company: report". MarketWatch. 9 September 2007. Retrieved 2008-09-20.
  3. [3]
    "Iberdrola to raise up to 4 bln eur in Iberenova float - report". AFX News. ABC Money. 9 September 2007. Archived from the original on 1 April 2012. Retrieved 2008-09-20.
  4. [4]
    Rix, Kristian (13 December 2007). "Iberdrola Unit Drops in Debut After $6 Billion IPO". Bloomberg. Retrieved 2008-09-20.
  5. [5]
    "Criteria, Iberdrola Renovables to replace Altadis, AGBAR in IBEX-35 index Feb 4". Forbes. AFX News. 29 January 2008. Archived from the original on 2008-02-03. Retrieved 2008-09-20.
  6. [6]
    Iberdrola and Iberdrola Renovables approve merger plan, 03/22/2011
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