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The company was listed on the [[Bolsa de Madrid|Madrid Stock Exchange]] in December 2007 in an [[initial public offering]].<ref>{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601085&sid=aOTq_88747JA&refer=europe|title=Iberdrola Unit Drops in Debut After $6 Billion IPO|last=Rix|first=Kristian|date=13 December 2007|work=[[Bloomberg L.P.|Bloomberg]] |accessdate=2008-09-20}}</ref> 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.{{cn|date=August 2011}} |
The company was listed on the [[Bolsa de Madrid|Madrid Stock Exchange]] in December 2007 in an [[initial public offering]].<ref>{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601085&sid=aOTq_88747JA&refer=europe|title=Iberdrola Unit Drops in Debut After $6 Billion IPO|last=Rix|first=Kristian|date=13 December 2007|work=[[Bloomberg L.P.|Bloomberg]] |accessdate=2008-09-20}}</ref> 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.{{cn|date=August 2011}} |
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The company joined the benchmark [[IBEX 35]] index in a February 2008 |
The company joined the benchmark [[IBEX 35]] index in a February 2008 reshuffle. |
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===Merger with Iberdrola=== |
===Merger with Iberdrola=== |
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 | |
| Company type | Sociedad Anónima Unipersonal |
|---|---|
| BMAD:IBR | |
| Industry | Renewable energy |
| Founded | 2001 (2001) |
| Defunct | July 11, 2011 (2011-07-11) |
| Fate | Merged with Iberdrola |
| Headquarters | , |
Key people | Ignacio Galán (president) Xavier Viteri (CEO) |
| Parent | Iberdrola |
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[1]: it was the world's largest owner-operator of wind farms,[2] but also operated in the solar, hydro, biomass and wave power industries.
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,[3]
In 2009 the company changed its registered office to Valencia. However, it still had a strong presence in Madrid and in Bilbao, its birthplace.
The company was listed on the Madrid Stock Exchange in December 2007 in an initial public offering.[4] 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.[citation needed]
The company joined the benchmark IBEX 35 index in a February 2008 reshuffle.
In July 2011, Iberdrola Renovables merged with its parent company Iberdrola, so is now the Iberdrola's renewable business.[5]
In 2009 Iberdrola Renovables signed the biggest renewable energy sales contract in its history with the Tennessee Valley Authority (TVA), according to a press release issued by the company. The 20-year agreement guarantees the return during that time on all output of the Cayuga Ridge wind farm, which has installed capacity of 300 megawatts (MW). It also allows the US public company, TVA to take a further step in its plan to add a further 2,000 MW of wind capacity to the system. The Cayuga Ridge wind farm is located south of Chicago near the towns of Odell and Emington in Illinois. Iberdrola Renovables has built this facility, able to meet the average electricity consumption of 100,500 US households, using the US government’s renewable energy stimulus funds (grants).[citation needed]
Gamesa Eólica and Iberdrola Renovables signed the largest supply in the power sector, for total capacity of 4,500 MW slated to come on to the market between 2010 and 2012. The investment associated with this capacity will amount to approximately €6,300 million, a figure that includes the turbines and other costs such as transport, civil works and all power connections, both at the wind farms themselves and those made to the grid. A strategic agreement was also signed to jointly develop the wind farm promotion, development and operation businesses in Spain and Continental Europe. According to the terms of the agreement, Iberdrola Renovables will deploy the wind turbines in its wind farm developments in Spain, the rest of Europe, the United States and Mexico. The agreement includes the assembly and start up of the wind turbines, and operating and maintenance services over the guarantee period.[citation needed]
