Iberdrola acquires Electricity North West
Iberdrola has signed an agreement to acquire 88% of Electricity North West (ENW) in the UK for an equity value of £2.1 billion.
Image for illustration purposes.
Spain, Madrid/UK, Stockport: Iberdrola has signed an agreement to acquire 88% of Electricity North West (ENW) in the UK for an equity value of £2.1 billion (€2.5 billion/$2.7 billion). The deal values 100% of the company, including debt, at approximately €5 billion ($5.5 billion).
With the completion of the deal, the UK becomes Iberdrola’s leading market by regulated asset base, valued at approximately €14 billion. This is followed by the United States at €13.3 billion.
ENW is located between the two existing ScottishPower networks license areas, in central and southern Scotland and Merseyside and North Wales. It distributes electricity to almost five million people in the northwest of England, including locations such as Manchester, Lancaster and Barrow, and has roughly 60000 km of distribution networks. The acquisition means that Iberdrola will now distribute electricity to about 12 million people in the UK, across a network which spanning more than 170000 km. It will also employ more than 8500 people in the country.
At the moment, Iberdrola operates more than 111400 km of installed power lines in the country, with 40 onshore wind farms and two offshore wind farms in operation. The total capacity of renewables in operation is over 3000 MW, enough to power more than two million homes. Iberdrola is also building the East Anglia Three offshore wind farm, the second largest in the world, with a total capacity of 1400 MW.
Source: Iberdrola
