Spanish energy group Iberdrola has reached an agreement to acquire Caruna, Finland’s largest electricity distribution company, in a deal that values the business at approximately EUR5bn (Iberdrola press release, 21/07/2026).
“Caruna is the country’s largest electricity distribution operator and serves one and a half million people (more than 20% of the Finnish population). The company has a network of approximately 89,000 km, 67% of which is underground”, said the press release. Through two distribution concessions, Caruna operates in the area surrounding central Helsinki, the Joensuu region, where strong industrial activity and rising demand driven by new data centres, as well as residential developments, are being recorded, and in additional locations across western and north-eastern Finland.
“The acquisition, together with the recent divestment of thermal power plants in Mexico, reinforces Iberdrola’s strategy of focusing its investments on the networks business in stable markets with attractive regulatory regimes”, added the Spanish utility.
According to Iberdrola, electricity demand is expected to continue increasing, supported by the electrification of the economy, the expansion of data centres and the development of electricity transmission infrastructure, an activity that Finnish regulation has allowed distribution companies to undertake since the beginning of 2026.
The transaction is expected to close during the first quarter of 2027, subject to the customary regulatory approvals required for this type of deal.
Separately, Iberdrola announced first-half 2026 net profit of EUR4.34bn, representing a 22% increase. The company stated that more than 70% of its investment during the first half of the year was allocated to the United Kingdom, the United States and Brazil. It also reported that its regulated network assets rose by 11% to EUR55bn, while more than 1.6 GW of new generation capacity was installed over the period.