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    IBE   ES0144580Y14

IBERDROLA, S.A.

(IBE)
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Real-time Estimate Tradegate  -  07:26:32 2023-02-02 am EST
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Australian billionaire snaps up CWP Renewables for over $2.7 billion

12/06/2022 | 09:06pm EST
Andrew Forrest, Chairman and Founder, Fortescue Metals Group speaks at the Global Energy Transition 2022 conference in New York

SYDNEY/MELBOURNE (Reuters) - Mining billionaire Andrew Forrest's private firm Squadron Energy has acquired CWP Renewables in Australia for more than A$4 billion ($2.7 billion), three people familiar with the deal said on Wednesday.

Forrest said in a statement Squadron had acquired CWP Renewables, owner of 1.1 gigawatts of wind farms and a development pipeline of 1.3 GW of wind and solar farms in Australia, but did not disclose the price.

CWP was sold by Swiss-based investor Partners Group, which said it built the Australian business up after first investing in the Sapphire Wind Farm in the state of New South Wales in 2016.

"We are proud to have built a major renewable energy platform that is set to play a key role in decarbonizing Australia's energy mix and supporting the country and its businesses in meeting their ambitious net zero ambitions," Partners Group's head of Australia, Martin Scott, said in a statement.

Other companies that had looked at CWP included Spain's Iberdrola, Tilt Renewables, partly owned by AGL Energy, and Origin Energy, all aiming to expand in renewable energy as Australia speeds up its transition away from coal-fired power.

Forrest has been making a big push to wean Australia off fossil fuels and grow a green hydrogen business through his iron ore company, Fortescue Metals Group, as well as his private firm Squadron.

With CWP Renewables, Squadron would have the scale it needs in eastern Australia to meet demand from large commercial and industrial customers for reliable green energy, Forrest said."It is paramount that Australia continues to increase cost-efficient renewable green energy, to economically power homes and industry at pace and rid the Australian consumer of its forced reliance to increasingly expensive, dangerously pollutive fossil fuels," he said in the statement on Wednesday.

Squadron is already majority owner of wind farm developer Windlab and is also building a liquefied natural gas (LNG) import terminal in New South Wales and a renewable energy hub in Queensland.

($1 = 1.4948 Australian dollars)

(Reporting by Scott Murdoch in Sydney and Sonali Paul in Melbourne; Additional reporting by Andres Gonzalez Estebaran in Madrid; Editing by Leslie Adler and Sam Holmes)

By Scott Murdoch and Sonali Paul


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED -0.26% 7.62 Delayed Quote.-5.33%
FORTESCUE METALS GROUP LIMITED -0.40% 22.24 Delayed Quote.8.87%
IBERDROLA, S.A. 0.05% 10.745 Delayed Quote.-1.65%
ORIGIN ENERGY LIMITED -1.08% 7.33 Delayed Quote.-4.02%
PARTNERS GROUP HOLDING AG 4.09% 895.2 Delayed Quote.5.34%
S&P GSCI NATURAL GAS INDEX 0.97% 116.584 Real-time Quote.-40.18%
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Financials
Sales 2022 47 138 M 51 467 M 51 467 M
Net income 2022 4 207 M 4 593 M 4 593 M
Net Debt 2022 45 259 M 49 414 M 49 414 M
P/E ratio 2022 16,2x
Yield 2022 4,37%
Capitalization 67 387 M 73 575 M 73 575 M
EV / Sales 2022 2,39x
EV / Sales 2023 2,42x
Nbr of Employees 40 543
Free-Float 96,6%
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Last Close Price 10,75 €
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Armando Martínez Martínez Chief Executive Officer & Director
José Ignacio Sánchez Galán Executive Chairman & President
José Sáinz Armada Director-Finance, Control & Corporate Development
Fernando Lucero Batalla Head-Information Technology & Finance
Maria Dolores Herrera Pereda Compliance Director
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