Iberdrola Renovables

Iberdrola Renovables was a Spanish renewable-energy company established by Iberdrola in 2001. It began as a wholly owned Iberdrola business unit under the name Iberenova and was subsequently organized as a separate company incorporating Iberdrola’s renewable-energy activities. Its principal field was wind power, especially the development, ownership and operation of wind farms, although its activities also extended to solar power, hydroelectricity, biomass and wave-energy projects. The company developed into one of the largest renewable-energy operators in the world and was described as the leading owner and operator of wind farms. Its business model combined project development with long-term ownership and operation of generating assets. This made Iberdrola Renovables an important vehicle for Iberdrola’s expansion beyond conventional utility generation and for the international growth of its renewable-energy portfolio. The company was incorporated in Madrid in 2001. In 2009, its registered office moved to Valencia, while it retained significant operations and corporate links in Madrid and Bilbao. Bilbao was associated with Iberdrola’s origins, whereas Madrid remained important to the company’s corporate presence. Iberdrola Renovables became a separately listed company in December 2007 through an initial public offering on the Madrid Stock Exchange. The flotation involved 844,812,980 new shares offered at €5.30 per share and was reported as raising approximately €5 billion, making it the largest offering by a newly listed company on the Spanish market at that time. The company entered the benchmark IBEX 35 index during the February 2008 index reshuffle. The stand-alone listed structure was short-lived. In July 2011, Iberdrola Renovables merged with its parent, Iberdrola. Minority shareholders were offered the opportunity to exchange their Iberdrola Renovables shares for Iberdrola shares at a one-for-two ratio, with the transaction valuing each Iberdrola Renovables share at approximately €3 according to contemporary reference material. After the merger, the renewable-energy activities became part of Iberdrola’s broader renewable-energy business, and Iberdrola Renovables ceased to exist as an independent listed company.

Iberdrola Renovables was created in 2001 as part of Iberdrola’s effort to organize and expand its renewable-energy activities. It was initially a wholly owned business unit of Iberdrola operating under the name Iberenova. The company’s activities covered renewable generation technologies, with wind power forming the core of its business. It also maintained activities or interests in solar, hydroelectric, biomass and wave power. The company’s growth reflected the increasing importance of renewable generation within Iberdrola’s corporate strategy. Rather than functioning solely as a developer selling projects, Iberdrola Renovables developed, owned and operated generating assets. It became particularly significant in wind energy and was described as the world’s largest owner-operator of wind farms. Its activities extended beyond Spain through international renewable-energy development and operations. Iberdrola Renovables was registered in Madrid at incorporation. In 2009, it moved its registered office to Valencia. The company nevertheless preserved a strong presence in Madrid and Bilbao. Bilbao had a historical connection with Iberdrola’s origins, while Madrid remained an important location for corporate and business activities. A major turning point came in December 2007, when Iberdrola Renovables became a separately listed company on the Madrid Stock Exchange. The initial public offering issued 844,812,980 new shares at €5.30 per share and raised approximately €5 billion. The transaction was described as the largest placement by a new company on the Spanish market at the time. The company was subsequently admitted to the IBEX 35 index during the February 2008 reshuffle, giving it a prominent position among Spanish listed companies. The independent public-company structure ended in 2011. In July of that year, Iberdrola Renovables merged with Iberdrola and became part of Iberdrola’s renewable-energy business. Minority shareholders were offered Iberdrola shares in exchange for their holdings at a one-for-two ratio. Contemporary reference material indicated an approximate value of €3 for each Iberdrola Renovables share. Following completion of the merger, Iberdrola Renovables ceased to operate as a separately listed company, while its renewable-generation activities continued within the Iberdrola group.

• 2011

  Merger into Iberdrola

  [1]Iberdrola Renovablesen.wikipedia.org

  Iberdrola Renovables merged with its parent in July. Minority shareholders could exchange their shares for Iberdrola shares at a one-for-two ratio, ending the company’s independent listed existence.

• 2009

  Registered office moved to Valencia

  [1]Iberdrola Renovablesen.wikipedia.org

  The company changed its registered office from Madrid to Valencia while maintaining a substantial presence in Madrid and Bilbao.

• 2008

  Admission to the IBEX 35

  [1]Iberdrola Renovablesen.wikipedia.org

  Iberdrola Renovables joined Spain’s IBEX 35 benchmark during the February index reshuffle.

• 2007

  Initial public offering

  [1]Iberdrola Renovablesen.wikipedia.org

  The company listed on the Madrid Stock Exchange in December through an offering of 844,812,980 new shares priced at €5.30 each. The transaction was reported as totaling approximately €5 billion.

• 2001

  Incorporation and creation as Iberenova

  [1]Iberdrola Renovablesen.wikipedia.org

  Iberdrola Renovables was registered in Madrid after being incorporated as a renewable-energy business of Iberdrola. It initially operated as a wholly owned unit under the name Iberenova.

Large-scale renewable-energy developer, owner and operator, with a primary emphasis on wind power.

• Wind energy

  Onshore wind power

  Onshore wind was the company’s principal business area. Iberdrola Renovables developed, owned and operated wind farms and built its international profile primarily through large-scale wind-generation assets.

• Wind energy

  Offshore wind power

  Offshore wind formed part of the company’s broader wind-energy scope. The available reference material identifies offshore wind among its flagship areas but does not provide specific project names or launch dates.

• Solar energy

  Solar power

  Solar generation was one of the renewable technologies operated or developed by the company alongside its dominant wind portfolio.

• Hydropower

  Hydroelectric power

  Hydropower was included among Iberdrola Renovables’ renewable-energy activities, complementing its wind and solar businesses.

• Emerging renewable technologies

  Biomass and wave energy

  The company also operated in or pursued biomass and wave-power activities. The available source does not identify individual commercial products or projects in these categories.

• 2011

  Merger with IberdrolaM&A

  Background

  Iberdrola Renovables remained a subsidiary of Iberdrola despite its separate stock-market listing.

  Action taken

  Iberdrola merged the renewable-energy company into the parent group in July 2011 and offered minority shareholders Iberdrola shares at a one-for-two exchange ratio.

  Aftermath

  Iberdrola Renovables ceased to exist as an independent listed company, while its renewable-energy operations became part of Iberdrola’s renewable-energy business.

  Indicative value per Iberdrola Renovables share. Approximately €3 per share (July 2011 merger)

  Source

• 2007

  Separate public listingOther

  Background

  Iberdrola had developed its renewable-energy activities into a substantial business centered on wind power and chose to establish Iberdrola Renovables as a separately listed company.

  Action taken

  The company completed an initial public offering on the Madrid Stock Exchange in December 2007.

  Aftermath

  The listing gave Iberdrola Renovables an independent public-market identity, and it joined the IBEX 35 in February 2008.

  Initial public offering proceeds. Approximately €5 billion (December 2007)

  Source

1. 1Iberdrola Renovablesen.wikipedia.org