Iberdrola eying new markets for offshore wind growth, possible spinoff [Reuters]
IBERDROLA SA S/ADR (IBDRY)
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Source: Reuters
In first-half results, Europe's biggest wind power group said some 30% of its project pipeline was offshore wind with opportunities for growth in new markets like Japan, Poland, Sweden, Ireland, Korea, Taiwan and Australia. Asked if spinning off its offshore wind business could be considered to fund pipeline rollout, Chief Executive Ignacio Galan told analysts it was being looked at, but cautioned no decision had been taken. "It's a scenario we are already analysing and we are in an area where we see we have some hidden values inside," he said. Iberdrola, which makes most of its earnings from renewable energy and grids, has made offshore wind one of its main growth platforms and said it will be taking part in capacity auctions in key markets in Europe, the U.S. and Asia Pacific. On Wednesday it stepped into the Vietnam market buying a 550 MW pipeline, mainly onshore wind. "Continued growth in renewables pipeline, now at 81.5GW, is a positive," said broker Jefferies in a not
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