Iberdrola USA

Iberdrola USA (formerly Energy East), a subsidiary of Spanish energy company Iberdrola, S.A., is an energy services and delivery company serving about 2.7 million customers throughout upstate New York and New England, in the United States.

History

In 2007 Iberdrola agreed to purchase Energy East. The deal closed on September 17, 2008, valuing each Energy East share at $28.50. This represented a premium of 20.2% over the average share price for the 30 days prior to the offer announcement. On December 7, 2009, Iberdrola announced it was renaming the company as Iberdrola USA.

In November 2010, Iberdrola USA sold its gas distribution companies in Connecticut and Massachusetts, The Southern Connecticut Gas Company, Connecticut Natural Gas Corporation and The Berkshire Gas Company, to UIL Holdings Corporation.

In 2012, Iberdrola USA sold its energy services companies, Energetix and NYSEG Solutions, to Direct Energy.

In February 2015, Iberdrola USA announced that it had entered into a merger agreement with UIL Holdings Corporation under which UIL Holdings Corporation would merge into a subsidiary of Iberdrola USA, Inc.

Iberdrola Renovables

Iberdrola Renovables was a subsidiary of Iberdrola, headquartered in Valencia, Spain, which included companies in the domains of renewable energy, particularly wind power. The firm was the world's largest renewable energy firm: it was the world's largest owner-operator of wind farms, but also operated in the solar, hydro, biomass and wave power industries.

History

Iberdrola Renovables was registered in Madrid following its incorporation in 2001. It started as a wholly owned business unit of Iberdrola under the name Iberenova. In 2009 the company changed its registered office to Valencia. However, it still had a strong presence in Madrid and in Bilbao, its birthplace.

Flotation

The company was listed on the Madrid Stock Exchange in December 2007 in an initial public offering. 844,812,980 new shares were placed at a price of €5.3 each. The operation totalled €5 billion, the largest placement ever made on the Spanish market by a new company.

The company joined the benchmark IBEX 35 index in a February 2008 reshuffle.