Iberdrola buys majority stake in Britain’s ENWL

BILBAO, August 5, 2024 – Spanish utility Iberdrola has signed an agreement to buy 88% of British power network Electricity North West Limited (ENWL) for an equity value of GBP 2.1 billion, Iberdrola announced on Friday.

The deal values 100% of ENWL, including debt, at approximately GBP 5 billion.

ENWL distributes electricity to almost five million people in the North West of England, in locations such as Manchester, Lancaster and Barrow, and has approximately 60,000 kilometres of electricity distribution networks.

“This transaction reinforces our commitment to investing significantly in electricity networks, which are a critical component for supporting the electrification and decarbonization of the economy. The agreement is also consistent with our strategy to invest in countries that have ambitious investment plans and stable and predictable regulations,” said Iberdrola’s executive chairman Ignacio Galán.

Iberdrola has invested around GBP 30 billion in the UK since its 2007 merger with ScottishPower and currently operates more than 111,400 kilometres of installed power lines in the UK. The company also operates 40 onshore wind farms and two offshore wind farms, for a total capacity of more than 3,000 MW.

With this transaction, the UK becomes Iberdrola’s leading market by regulated asset base, with approximately EUR 14 billion, followed by the US, with around EUR 13 billion. Together, the countries represent around two-thirds of Iberdrola’s total global regulated asset base.

Photo by Nikola Johnny Mirkovic