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Iberdrola Renovables

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.

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. 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.

See also

External links

References

  1. UPDATE 3-EDP Renewables shares slip on bourse debut Reuters, 2008-06-04^
  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, retrieved 2008-09-20^
  4. Kristian Rix. Iberdrola Unit Drops in Debut After $6 Billion IPO Bloomberg, 13 December 2007, retrieved 2008-09-20^
  5. Criteria, Iberdrola Renovables to replace Altadis, AGBAR in IBEX-35 index Feb 4 Forbes, 29 January 2008, retrieved 2008-09-20^
  6. Iberdrola and Iberdrola Renovables approve merger plan, 03/22/2011 retrieved 2011-08-23^