Spanish renewable energy firm Iberdrola announced plans to expand in the United States on Wednesday with a deal to buy utility PNM Resources through its U.S. unit Avangrid worth US$8.3 billion including debt.
Absorbing PNM into Avangrid will create the third-largest renewable energy operator in the United States, with business spanning 24 states, Iberdrola said in a statement.PNM's board unanimously approved the US$4.3 billion offer to its shareholders of US$50.3 per share, the filing said. Iberdrola expects the deal to close in 2021 and start boosting financial results from the first year.
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