Iberdrola Renovables was a subsidiary of

Iberdrola Iberdrola () is a Spanish multinational electric utility company based in Bilbao, Spain. Iberdrola has a workforce of around 34,000 employees serving around 31.67 million customers. Subsidiaries include Scottish Power (United Kingdom) ...

, headquartered in

Valencia, Spain Valencia ( va, València) is the capital of the autonomous community of Valencia and the third-most populated municipality in Spain, with 791,413 inhabitants. It is also the capital of the province of the same name. The wider urban area al ...

, which included companies in the domains of

renewable energy Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...

, particularly

wind power Wind power or wind energy is mostly the use of wind turbines to generate electricity. Wind power is a popular, sustainable, renewable energy source that has a much smaller impact on the environment than burning fossil fuels. Historically ...

. The firm was the world's largest renewable energy firm: it was the world's largest owner-operator of

wind farm A wind farm or wind park, also called a wind power station or wind power plant, is a group of wind turbines in the same location used to produce electricity. Wind farms vary in size from a small number of turbines to several hundred wind turb ...

s, but also operated in the solar, hydro,

biomass Biomass is plant-based material used as a fuel for heat or electricity production. It can be in the form of wood, wood residues, energy crops, agricultural residues, and waste from industry, farms, and households. Some people use the terms bio ...

and

wave power Wave power is the capture of energy of wind waves to do useful work – for example, electricity generation, water desalination, or pumping water. A machine that exploits wave power is a wave energy converter (WEC). Waves are generated by win ...

industries.

History

Iberdrola Renovables was registered in

Madrid Madrid ( , ) is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a metropolitan area population of approximately 6.7 million. It is the second-largest city in the European Union (EU), and ...

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 Bolsa de Madrid (; Madrid Stock Exchange) is the largest and most international of Spain's four regional stock exchanges (the others are located in Barcelona, Valencia, and Bilbao) that trade shares and convertible bonds and fixed income securiti ...

in December 2007 in an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. 844,812,980 new shares were placed at a price of €5.30 each. The operation totalled €5

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i. ...

, the largest placement ever made on the Spanish market by a new company. The company joined the benchmark

IBEX 35 The IBEX 35 (IBerian IndEX) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Espa ...

index in a February 2008

reshuffle A cabinet reshuffle or shuffle occurs when a head of government rotates or changes the composition of ministers in their cabinet, or when the Head of State changes the head of government and a number of ministers. They are more common in parli ...

Merger with Iberdrola

In July 2011, Iberdrola Renovables merged with its parent company

and is now Iberdrola's renewable energy business.Iberdrola and Iberdrola Renovables approve merger plan, 03/22/2011
/ref> Minority shareholders could change their shares into Iberdrola shares at a 1 for 2 ratio, equivalent to a value of around €3 for each share of Iberdrola Renovables.

References

{{Reflist

External links

Official site
Renewable energy companies of Spain Wind power companies Renewable energy in Spain Companies based in Valencia Energy companies established in 2001 Renewable resource companies established in 2001 Energy companies disestablished in 2011 Spanish companies established in 2001 Renewable resource companies disestablished in 2011 Spanish companies disestablished in 2011 Defunct electric power companies of Spain Iberdrola

History

Flotation

Merger with Iberdrola

See also

References

External links