Spanish energy group Iberdrola has made an US$841m bid to take over Australia’s largest renewable power producer Infigen Energy. The offer is supported by a Pre-Bid Agreement entered into with Infigen's largest shareholders and Infigen has recommended its shareholders to accept the offer. Earlier in June 2020, UAC Energy proposed US$777m to take over Infigen. The Australian company owns 670 MW of wind power capacity, and has 268 MW of highly valued firming assets and an additional 246 MW of contracted renewables capacity through offtake power purchase agreements (PPAs). It also has more than 1 GW of projects under development.
In April 2020, Iberdrola decided to increase its capital expenditures by 23% in 2020, from €8.15bn in 2019 to €10bn, to support the economic recovery after the pandemic. The group aims to commission 4.5 GW of new capacity by the end of the year, i.e. half of the 9 GW currently under construction. Iberdrola is currently building 30 solar power projects and 50 offshore wind projects, in addition to the 1,158-MW Tâmega hydropower complex in Portugal, more than 5,000 kilometres of high voltage transmission lines in Brazil and new distribution networks in the states of New York, Maine and Connecticut (United States).
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