# Iberdrola SA

Iberdrola SA is an Electric Utility based in Bilbao, Spain.

## Overview

- **Organization type:** Electric Utility
- **Headquarters:** Bilbao, Spain
- **Region:** North America
- **Address:** Bilbao, Spain
- **Founded:** 1992
- **Assets under management:** Undisclosed
- **Website:** www.iberdrola.com
- **LinkedIn:** https://www.linkedin.com/company/iberdrola

## Regulatory record

- **Reports private funds:** No

## About

Iberdrola was formed in 1992 through the merger of two Spanish electric utilities, Iberduero and Hidrola. Ignacio Galán, appointed CEO in 2001 and Executive Chairman since 2006, drove the company's expansion beyond Spain into the UK (Scottish Power, acquired 2007), the US (Energy East, acquired 2008, now Avangrid), and Latin America. The underlying wealth originates from the company's corporate structure as a publicly traded utility, not a family office. The company focuses on three primary asset classes: renewable energy generation (wind and solar), regulated electricity distribution and transmission, and contracted energy projects. Its investment strategy spans development-stage projects through operational assets. Confirmed large-scale projects include the East Anglia ONE offshore wind farm in the UK and the Vineyard Wind offshore project in Massachusetts, 2021). Geographic footprint covers Spain, the UK, the US, Brazil, and Mexico. Iberdrola employs approximately 40,000 people globally. It maintains a public philanthropic structure through the Iberdrola Foundation, which funds environmental and social programs separately from the commercial business. The company reported capital expenditure of about €11B in 2024, with a plan to invest €75B globally through 2030 (per the firm's 2024 strategic presentation). Recent activity: November 2024: Announced a €2.5B green bond issuance to fund renewable energy projects (per Iberdrola press release, November 2024). Iberdrola's structural differentiator is its integrated utility model — it controls both generation assets and the regulated grid infrastructure that transmits and distributes that power. This vertical integration reduces revenue volatility compared to pure-play renewable developers. The firm also operates as a yieldco through its subsidiary, which owns contracted renewable assets and pays dividends.

## Sectors

- Energy Transition & Renewables
- Infrastructure
- Utilities

## Offices

- Menlo Park, United States
- Fairfield, United States
- Los Angeles, United States
- Baltimore, United States

## People

- Ignacio Galán — Executive Chairman
- Armando Martínez — CEO

## Questions

### Who runs investment decisions at Iberdrola?

Ignacio Galán, Executive Chairman since 2006, sets strategic direction. Armando Martínez serves as CEO, overseeing day-to-day operations. Capital allocation decisions are made by the executive committee and approved by the board.

### How does Iberdrola source its renewable energy projects?

Iberdrola originates projects through internal development teams in each geographic market. It builds new wind and solar farms via its in-house engineering and construction units. It also acquires operational projects from third-party developers when they fit the portfolio.

### What investment stages does Iberdrola typically target?

Iberdrola invests across the project lifecycle: development-stage renewable projects, construction-stage assets, and operating wind farms, solar plants, and grid infrastructure. It also participates in regulated utility assets via acquisitions.

### Which sectors does Iberdrola explicitly avoid?

Iberdrola has phased out coal generation and does not invest in new fossil fuel power plants. Its strategy explicitly excludes oil and gas exploration, as well as nuclear new-build outside of existing operations (per the firm's climate disclosure).

### What is Iberdrola's known posture on green bonds?

Iberdrola is a frequent issuer of green bonds. As of November 2024, it had issued over €20B in green bonds since 2014, making it one of the largest corporate green bond issuers globally (per Iberdrola press releases). The proceeds fund eligible renewable energy and energy efficiency projects.

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Last updated: 2026-06-03T20:00:00.000Z

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