Iberdrola

Corporate brand

Spanish multinational electric utility focused on renewable power generation, electricity networks and clean-energy infrastructure.

Last updated October 16, 2026

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Overview

Iberdrola, S.A. is a Spanish multinational electric utility headquartered in Bilbao. The company was created on 1 November 1992 through the merger of Hidroeléctrica Española and Iberduero, two businesses whose predecessors had developed hydroelectric generation and electricity networks during Spain’s industrialisation. Iberdrola has since evolved from a principally integrated Spanish utility into an international energy group with activities spanning renewable generation, regulated electricity distribution, transmission, retail supply and emerging decarbonisation technologies. The group’s principal strategic identity is its emphasis on renewable energy. Its portfolio includes onshore and offshore wind, solar photovoltaic generation, hydroelectricity, pumped-storage facilities and battery-related infrastructure. It also operates electricity networks and supplies power to customers through subsidiaries and associated businesses. ScottishPower is its principal United Kingdom platform, Avangrid is its United States platform, and Neoenergia is a major Brazilian subsidiary. Other operations and development projects have extended the group’s reach into continental Europe, Mexico, Australia and selected Asian markets. A major change in Iberdrola’s direction followed the appointment of José Ignacio Sánchez Galán to senior leadership in the early 2000s. Under his leadership, the company made renewable energy and international expansion central to its growth strategy. Iberdrola expanded in the United Kingdom and the United States, entered or enlarged its position in Latin America, and developed large wind and solar projects. The acquisition of ScottishPower in 2007 strengthened its British generation, networks and retail presence. In the United States, the acquisition of Energy East and later UIL Holdings helped create Avangrid, which began trading on the New York Stock Exchange in 2015. In Brazil, the acquisition of Elektro in 2011 reinforced the group’s position in distribution and generation. The company’s generation portfolio has increasingly shifted toward low-carbon sources. Important projects include the La Muela pumped-storage complex in Spain, the West of Duddon Sands and East Anglia offshore wind projects in the United Kingdom, the Núñez de Balboa photovoltaic plant in Spain, the Tâmega hydroelectric complex in Portugal, and the Saint-Brieuc offshore wind farm in France. Iberdrola has also invested in green hydrogen, electric-vehicle charging, smart grids and industrial partnerships intended to reduce emissions from transport and energy-intensive sectors. The group has periodically sold or reorganised fossil-fuel assets as part of its decarbonisation strategy. In 2023 it agreed to transfer a large Mexican gas-generation portfolio and a small wind asset to Mexico Infrastructure Partners, while retaining a significant renewable-energy presence in Mexico. Iberdrola has also announced coal-closure ambitions and emissions-reduction targets. Its regulated networks provide a second major business pillar, supporting grid modernisation, digitalisation and the integration of variable renewable generation. Iberdrola serves tens of millions of customers and employs approximately 40,000 people, although exact figures vary by reporting period. It is listed in Spain under the ticker IBE. The Qatar Investment Authority, BlackRock and Norges Bank have been reported among its significant shareholders, but the company is not controlled by a single parent corporation. Iberdrola’s current positioning combines utility-scale clean-energy development, regulated network investment and selective participation in new electrification markets.

History

Iberdrola’s history reaches back to the formation of early electricity companies in northern Spain. Hidroeléctrica Ibérica was established in Bilbao in 1901 under the leadership of engineer Juan de Urrutia. Shareholders later created Hidroeléctrica Española in 1907 to supply electricity to Madrid and Valencia. Another predecessor, Saltos del Duero, developed major hydroelectric infrastructure, including the Ricobayo plant, which began operating in 1935. In 1944, Hidroeléctrica Ibérica and Saltos del Duero merged to form Iberduero. Hidroeléctrica Española remained a separate major Spanish utility for several decades. The Spanish Civil War and the difficult economic and technological conditions of the post-war period disrupted infrastructure development, but electricity generation and distribution gradually expanded. The predecessor companies became important participants in the development of Spain’s hydroelectric system and regional power networks. Iberdrola was formed on 1 November 1992 when Hidroeléctrica Española and Iberduero combined. The new company inherited generation, transmission-related and distribution assets and began developing a broader international profile. During the late twentieth century, Iberdrola expanded particularly into Latin America, including Mexico and Brazil. Its later international structure also drew on businesses that became ScottishPower in the United Kingdom and Energy East in the United States. The company’s strategic emphasis changed substantially in the early 2000s. José Ignacio Sánchez Galán became a central figure in the group’s leadership, and Iberdrola made renewable energy a principal growth platform. The acquisition of ScottishPower in 2007 increased its British presence and gave it a substantial platform for wind development and network operations. Iberdrola also expanded in the United States through Energy East and related businesses. In 2011, the purchase of Elektro strengthened its Brazilian operations. In 2014, Iberdrola commissioned the La Muela II pumped-storage plant in Spain and the West of Duddon Sands offshore wind farm in the Irish Sea. These projects illustrated the company’s combination of flexible hydroelectric capacity and large-scale wind generation. In 2015, Iberdrola combined Iberdrola USA with UIL Holdings to create Avangrid, which became a publicly traded US subsidiary. The group subsequently expanded its renewable portfolio through acquisitions and development projects in Australia, France, Japan, Taiwan and other markets. Iberdrola’s decarbonisation strategy became more explicit during the second half of the 2010s. It announced emissions-reduction objectives and stated an intention to close its coal-fired power plants. In Spain, it expanded solar generation and digitalised distribution networks under the i-DE brand. In Brazil, it developed major hydroelectric and wind facilities, including the Baixo Iguaçu plant and the Calangos wind complex. In the United Kingdom, its ScottishPower subsidiary became a major developer of offshore wind, including the East Anglia projects. During the 2020s, Iberdrola broadened its clean-energy activities beyond conventional renewable generation. It inaugurated the Puertollano green-hydrogen facility in Spain, developed the Tâmega hydroelectric complex in Portugal, pursued offshore wind projects in Germany and France, and entered partnerships for electric-vehicle charging and renewable-energy supply. It also pursued solar-module manufacturing in Spain and investments in smart-grid infrastructure. In 2023, the company agreed to sell a substantial Mexican fossil-generation portfolio while maintaining a large renewable business in that market. By the early 2020s, Iberdrola had become one of the world’s largest utility-scale wind operators and one of the largest electricity groups by market value. Its business remains built around three connected activities: renewable and other generation, regulated electricity networks, and customer supply. The group’s future strategy centres on expanding renewable capacity, strengthening grids, electrifying transport and industry, and using storage, hydrogen and digital systems to integrate low-carbon power.

2024
Agreement to acquire the remaining Avangrid stake
[5]Iberdrola agreement to acquire minority stake in Avangridiberdrola.com
Iberdrola announced an agreement to purchase the minority interest in its US subsidiary.
2023
Mexican fossil assets are sold
[1]Iberdrolaen.wikipedia.org
Iberdrola agreed to transfer a large gas-generation portfolio and one wind asset to Mexico Infrastructure Partners.
2022
Puertollano hydrogen plant and Tâmega complex are inaugurated
[1]Iberdrolaen.wikipedia.org
Iberdrola opened a renewable-hydrogen facility in Spain and a three-plant hydroelectric complex in Portugal.
2019
Núñez de Balboa solar plant is commissioned
[1]Iberdrolaen.wikipedia.org
The 500 MW photovoltaic project in Badajoz became one of Europe’s largest solar plants at commissioning.
2015
Avangrid is created and listed
[1]Iberdrolaen.wikipedia.org
Iberdrola USA and UIL Holdings were integrated into Avangrid, which began trading in New York.
2014
La Muela II and West of Duddon Sands enter service
[1]Iberdrolaen.wikipedia.org
The company commissioned a major pumped-storage extension in Spain and its first offshore wind farm in the Irish Sea.
2011
Elektro acquisition expands Brazilian operations
[1]Iberdrolaen.wikipedia.org
Iberdrola acquired the Brazilian electricity distributor Elektro.
2007
ScottishPower joins Iberdrola
[1]Iberdrolaen.wikipedia.org
The acquisition expanded Iberdrola’s British generation, network and retail operations.
1992
Iberdrola is founded
[1]Iberdrolaen.wikipedia.org
Hidroeléctrica Española and Iberduero merged on 1 November.
1944
Iberduero is created
[1]Iberdrolaen.wikipedia.org
Hidroeléctrica Ibérica and Saltos del Duero merged to form Iberduero.
1935
Ricobayo hydroelectric plant begins operation
[1]Iberdrolaen.wikipedia.org
Saltos del Duero opened a major hydroelectric facility in Spain.
1907
Hidroeléctrica Española is formed
[1]Iberdrolaen.wikipedia.org
A predecessor company was created to develop supply for Madrid and Valencia.
1901
Hidroeléctrica Ibérica is established
[1]Iberdrolaen.wikipedia.org
The Bilbao-based predecessor was founded and became an early foundation of Iberdrola’s Spanish electricity business.

Products and positioning

A large integrated utility positioned around renewable generation, electrification, regulated networks and long-term decarbonisation.

Renewable energy
Renewable electricity generation
Iberdrola develops and operates wind, solar and hydroelectric assets in multiple countries. Wind power is central to the group’s identity, while solar photovoltaic generation has become an increasingly important source of new capacity. The portfolio also includes pumped storage, which provides flexibility for balancing variable renewable output.
Utility infrastructure
Electricity networks
Through subsidiaries including i-DE, ScottishPower, Avangrid and Neoenergia, Iberdrola operates regulated distribution and network businesses. These activities involve physical grids, digital monitoring, connection services, maintenance and investment needed to accommodate electrification and distributed generation.
Renewable energy · 2014
Offshore wind
Iberdrola is a major offshore-wind developer through projects in the United Kingdom, France, Germany and other markets. Its portfolio includes West of Duddon Sands, the East Anglia projects, Baltic Eagle and Saint-Brieuc, combining large turbines, subsea transmission and long-term power-market participation.
Clean-energy technology · 2022
Green hydrogen
The Puertollano project in Spain combines renewable electricity and electrolyser capacity to produce hydrogen for industrial use. Iberdrola presents hydrogen as a way to decarbonise sectors that are difficult to electrify directly, although the technology remains a developing part of the group’s portfolio.
Energy services · 2023
Electric-vehicle charging
Iberdrola develops charging infrastructure and has partnered with BP to accelerate fast and ultra-fast charging in Spain and Portugal. The offering supports the group’s broader strategy of linking renewable electricity with transport electrification.

Controversies

2021
Villarejo investigation involving Iberdrola
Iberdrola and senior figures were reported in connection with Spain’s investigation into alleged corporate intelligence and surveillance work associated with former police officer José Manuel Villarejo. The matter concerned alleged services and payments dating from earlier years; allegations and legal findings should not be treated as equivalent.
Source

2019Iberdrola Social Programme
Spain
The company launched a call for projects supporting vulnerable groups, with funding directed toward social organisations and community initiatives.
Outcome. The programme extended Iberdrola’s social-investment and community-relations activity.
Source
2016Primera Iberdrola and Universo Mujer
Spain
Iberdrola became a sponsor of Spain’s women’s football league, which adopted the Primera Iberdrola name, and supported the Universo Mujer programme with the Spanish National Sports Council.
Outcome. The partnership increased the visibility of women’s football and associated Iberdrola with gender inclusion and women’s sport.
Source

Brand decisions

2023
Mexican generation-asset divestmentM&A
Background
Iberdrola was reallocating capital away from fossil generation and toward renewable capacity and networks.
Action taken
The company agreed to sell 8,539 MW of gas-fired capacity and the 103 MW La Venta III wind asset to Mexico Infrastructure Partners.
Aftermath
Iberdrola reduced its conventional-generation exposure in Mexico while remaining a major private renewable-energy producer there.
Source
2023
Electric-mobility partnership with BPStrategy
Background
The companies sought to accelerate transport electrification and create demand for renewable electricity.
Action taken
Iberdrola and BP announced a planned €1 billion investment in 11,700 fast and ultra-fast charging points in Spain and Portugal.
Aftermath
The alliance broadened Iberdrola’s role from electricity generation and networks into transport-energy infrastructure.
Planned investment. €1 billion (Announced 2023)
Source
2022
Puertollano green-hydrogen facilityProduct launch
Background
Industrial decarbonisation requires alternatives for applications that cannot readily use direct electrification.
Action taken
Iberdrola inaugurated a renewable-hydrogen plant linked to a photovoltaic facility and industrial consumption by Fertiberia.
Aftermath
The facility became a demonstration of Iberdrola’s expansion into hydrogen and integrated clean-energy projects.
Project investment. €150 million (2022)
Source
2020
Attempted acquisition of PNM ResourcesM&A
Background
Iberdrola sought to expand its US utility platform through Avangrid.
Action taken
Avangrid agreed to pursue the acquisition of PNM Resources, subject to regulatory approval.
Aftermath
The transaction faced regulatory opposition and did not proceed as initially planned.
Source
2017
Global coal exit intentionStrategy
Background
Iberdrola was pursuing emissions reductions and a portfolio increasingly concentrated in renewable generation.
Action taken
The company announced its intention to close its coal-fired power plants worldwide.
Aftermath
The announcement reinforced Iberdrola’s low-carbon positioning and preceded further renewable and grid investment.
Source
2001
Renewables become the central growth strategyStrategy
Background
Iberdrola faced a changing European electricity market and sought a differentiated international growth platform.
Action taken
Under José Ignacio Sánchez Galán, the group prioritised renewable generation and expanded internationally.
Aftermath
The strategy made Iberdrola one of the largest wind operators and shaped subsequent investments in solar, offshore wind, grids and low-carbon technologies.
Source

Recent events

2024
Iberdrola reaches agreement to acquire remaining Avangrid shares[5]Iberdrola agreement to acquire minority stake in Avangridiberdrola.com
M&A
Iberdrola agreed to purchase the minority interest in its US subsidiary, subject to applicable transaction conditions and approvals.
2023
Iberdrola and BP announce electric-mobility alliance[4]Iberdrola and BP electric-mobility allianceiberdrola.com
M&A · Campaign
The companies announced plans to invest in a fast and ultra-fast charging network in Spain and Portugal.
2023
Iberdrola agrees Mexican fossil-asset sale to Mexico Infrastructure Partners[1]Iberdrolaen.wikipedia.org
M&A
The agreement covered a large portfolio of gas-fired generation and a wind asset, consistent with Iberdrola’s portfolio rebalancing toward renewables.
2019
Iberdrola launches i-DE distribution brand in Spain[6]伊维尔德罗拉在西班牙推出i-DE配电品牌iberdrola.com
Product launch
The new brand represented Iberdrola’s Spanish electricity-distribution activity and its digitally managed network infrastructure.
2017
Iberdrola announces global coal-plant closure intention[1]Iberdrolaen.wikipedia.org
Other
The company stated its intention to close its coal-fired power plants worldwide as part of its decarbonisation strategy.
2015
Avangrid begins trading in the United States[1]Iberdrolaen.wikipedia.org
M&A
Iberdrola USA and UIL Holdings were integrated into Avangrid, which listed on the New York Stock Exchange.
2011
Iberdrola acquires Elektro in Brazil[1]Iberdrolaen.wikipedia.org
M&A
The acquisition strengthened the group’s Brazilian distribution and energy business.
2007
Iberdrola completes ScottishPower acquisition[1]Iberdrolaen.wikipedia.org
M&A
The transaction expanded Iberdrola’s presence in the United Kingdom across generation, networks and retail supply.
2001
Iberdrola announces renewable-energy-led strategic direction[1]Iberdrolaen.wikipedia.org
Leadership change
A leadership transition under José Ignacio Sánchez Galán was followed by a stronger focus on renewable generation and international expansion.
1992
Iberdrola is created through the merger of Hidroeléctrica Española and Iberduero[1]Iberdrolaen.wikipedia.org
M&A
The merger formed the Iberdrola group and combined important Spanish hydroelectric, generation and distribution assets.

Sources15 sources

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