Iberdrola, PNM to create US$20 billion US clean powerhouse

MADRID: Spain's Iberdrola announced a deal worth US$8.3 billion including debt on Wednesday, adding PNM Resources to its Avangrid business to create the third-largest U.S. renewable energy operator.

Green energy targets and increasing investor interest in protecting the environment have buoyed Iberdrola and other renewables-focused utilities. PNM could also benefit from Avangrid's renewables experience as it works to cut emissions. A plan has now been approved to close its coal-fired San Juan plant in 2022, Iberdrola said.

This is Iberdrola's eighth deal this year as part of a 10 billion euro investment drive of which it has already spent more than 6.6 billion euros. It has shopped for assets in France, Australia and Japan.CEO Ignacio Galan said his strategy consisted of:"Friendly transactions, focused on regulated businesses and renewable energy, in countries with good credit ratings and legal and regulatory stability, offering opportunities for future growth".

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