Spanish power company Iberdrola is considering the sale of a stake in its US renewables business to help to finance new investments.
In a Reuters story, confirmed by two sources with knowledge of the matter, one of the sources told the newswire that Iberdrola had appointed a bank to work on a possible sale of a minority stake in the renewables operation but the process was at a preliminary stage and no information has yet been sent to potential buyers.
Bloomberg, which first reported the news, cited unidentified sources as saying that Iberdrola was considering seeking a financial partner for its existing green energy projects in the United States and to help to fund future initiatives.
Avangrid Renewables, a subsidiary of Iberdrola’s US business Avangrid has more than 7.3MW of wind and solar capacity across the US.