Iberdrola Renovables

Last updated
Iberdrola Renovables
Company type Sociedad Anónima Unipersonal
BMAD:IBR
Industry Renewable energy
Founded2001 (2001)
DefunctJuly 11, 2011 (2011-07-11)
FateMerged with Iberdrola
Headquarters,
Key people
Ignacio Galán (president)
Xavier Viteri (CEO)
Parent Iberdrola
Iberdrolarenovables valencia.jpg

Iberdrola Renovables was a subsidiary of Iberdrola, headquartered in Valencia, Spain, which included companies in the domains of renewable energy, particularly wind power. The firm was the world's largest renewable energy firm: [1] it was the world's largest owner-operator of wind farms, [2] but also operated in the solar, hydro, biomass and wave power industries.

Contents

History

Iberdrola Renovables was registered in Madrid following its incorporation in 2001. It started as a wholly owned business unit of Iberdrola under the name Iberenova. [3] In 2009 the company changed its registered office to Valencia. However, it still had a strong presence in Madrid and in Bilbao, its birthplace.

Flotation

The company was listed on the Madrid Stock Exchange in December 2007 in an initial public offering. [4] 844,812,980 new shares were placed at a price of €5.30 each. The operation totalled €5  billion, the largest placement ever made on the Spanish market by a new company.[ citation needed ]

The company joined the benchmark IBEX 35 index in a February 2008 reshuffle. [5]

Merger with Iberdrola

In July 2011, Iberdrola Renovables merged with its parent company Iberdrola and is now Iberdrola's renewable energy business. [6] Minority shareholders could change their shares into Iberdrola shares at a 1 for 2 ratio, equivalent to a value of around €3 for each share of Iberdrola Renovables.

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References

  1. "UPDATE 3-EDP Renewables shares slip on bourse debut". Reuters. 2008-06-04. Archived from the original on March 5, 2016.
  2. "Iberdrola to float world's largest wind-power company: report". MarketWatch . 9 September 2007. Retrieved 2008-09-20.
  3. "Iberdrola to raise up to 4 bln eur in Iberenova float - report". AFX News . ABC Money. 9 September 2007. Archived from the original on 1 April 2012. Retrieved 2008-09-20.
  4. Rix, Kristian (13 December 2007). "Iberdrola Unit Drops in Debut After $6 Billion IPO". Bloomberg . Retrieved 2008-09-20.
  5. "Criteria, Iberdrola Renovables to replace Altadis, AGBAR in IBEX-35 index Feb 4". Forbes . AFX News. 29 January 2008. Archived from the original on 2008-02-03. Retrieved 2008-09-20.
  6. Iberdrola and Iberdrola Renovables approve merger plan, 03/22/2011