Renewable Energy Finance: Iberdrola raises $7.2bn through debt and green bonds, YTD 2022

published on 16 November 2022

The company has raised the capital through loans from a range of lenders, including multilateral financial institutions such as the European Investment Bank (EIB) and export credit agencies such as Instituto de Crédito Oficial, European Export Credit Agency, and Denmark-based EKF. BNP Paribas, CaixaBank, and Banco Santander are some of the other lenders that have supported Iberdrola this year. As of November 7th, 2022, Iberdrola holds more than €44.6bn in outstanding debt, of which over €22.7bn corresponds to green financing and ~€21bn originates from credit lines, loans, or commercial paper programs. 

The company estimates its net debt to increase to €57.5bn at the end of 2025, driven primarily by the closing of the $8bn PNM acquisition and planned Capex for 2023-2025e, which is expected to reach €47bn. Of the total investments, €17bn is allocated to renewables, with offshore wind developments accounting for 46% of the pot. Iberdrola aims to raise its total installed renewables capacity from 40 GW at the end of 2022 to 52 GW at the of 2025. During the second half of this decade, the company envisages investments of €65-75bn to raise its renewables capacity to more than 80 GW, accounting for 80% of total power generation capacity.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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