Neoenergia, a Brazilian energy distributor and a subsidiary of Iberdrola, has completed the sale of the Baixo Iguaçu hydroelectric power plant to the French companies EDF and STOA.
The plant, located in Paraná, Brazil, has an installed capacity of 350MW and 172MWm (megawatts mechanical) of assured energy.
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The transaction is valued at 1.43bn reais ($248m) with the price subject to customary adjustments.
The sale is part of Iberdrola’s broader asset rotation strategy, which aims to optimise its portfolio, create value, maintain capital discipline and simplify its corporate structure.
Iberdrola has been actively forming long-term partnerships to foster growth and support the decarbonisation of the economy while ensuring financial stability.
These strategic moves also included facilitating Japanese electric company Kansai’s entry into the German offshore wind project Windanker, valued at €1.28bn, and acquiring the UK-based company ENW to expand its network business with Kansai as a partner.
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By GlobalDataIn January 2023, Iberdrola also allied with Norges Bank to co-invest in renewable energy projects, targeting a capacity of 2,500MW.
In September 2023, the company partnered GIC to expand transmission networks in Brazil with an investment of €430m.
Later the same year, Iberdrola closed a $15bn deal with Masdar, focusing on offshore wind and green hydrogen projects across Germany, the UK and the US, which includes the Baltic Eagle offshore wind farm in Germany.
Iberdrola divested more than 8,400MW of combined-cycle gas plants in Mexico for $6.2bn in February 2024.
The company has not only been selling assets but also launching joint ventures, such as one with BP in March 2023 to establish 11,700 fast-charging points in Spain and Portugal, and another to develop Spain’s largest green hydrogen project with a capacity of 25MW.
Iberdrola has bolstered its strategic alliance with Mapfre, adding 150MW to their joint venture, and signed a co-investment deal with Energy Infrastructure Partners for the Wikinger offshore wind farm.
