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.
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 in December 2007 in an initial public offering.[1] 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.
Merger with Iberdrola
In July 2011, Iberdrola Renovables merged with its parent company Iberdrola, so is now the Iberdrola's renewable business.[2]