The Diplomat
Iberdrola will focus on the United States and Europe after selling 8,434 megawatts (MW) in Mexico on Tuesday, 80% of its generation in that country, where its president, Andrés Manuel López Obrador, has been insistently attacking the company.
Executives of the Spanish group said at a conference with analysts that the United States is the country where most of its investments are being directed. “Obviously there are new opportunities in other parts of the world, but so far we have said or we think that the United States is probably the country that brings the most opportunities in the medium and long term”, they said.
The sale transaction in Mexico has been valued at 6,000 million dollars (some 5,478 million euros) and the executives specified that this does not mean that the company will not maintain its commitment to Mexico, where Iberdrola expects to grow in renewables and in its business as a supplier “with a much better relationship with the Mexican government”.
The energy company’s chief financial officer, José Sáinz Armada, stressed that the agreement is positive both for the Mexican government and for the company, which will improve its financial strength thanks to this divestment.
In any case, the company frames the divestment operation in Mexico as part of its 2023-2025 strategy, with a rotation of capital towards growth in new opportunities in the United States, with the state aid of the Inflation Reduction Act (IRA) and in Europe, with RePowerEU and the Net Zero Industry Act (NZIA) and an increase in exposure to areas with an ‘A’ credit rating. It also stresses that it represents a “key” step in its decarbonisation strategy.
