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The Boards of Iberdrola S.A. and U.S.-based Energy East Corporation approved a merger agreement under which Iberdrola will acquire 100% of Energy East, which will become part of the Iberdrola group. The transaction values Energy East at approximately 6.4 billion euros ($8.6 billion).
"This new step in the United States will allow Iberdrola to continue working with national and State governments to make investments in infrastructure that advance clean energy policies."
-- Ignacio Galan, Iberdrola, chairman and CEO
On completion, the new group will have 24 million electricity points of supply, 3.0(1) million gas points of supply, and installed capacity of nearly 42,000 megawatts (MW), of which more than 17,500 (including large-scale hydro) will be from renewable energy.
"The acquisition of Energy East will allow Iberdrola to strengthen its commitment to shareholders," Iberdrola Chairman and CEO, Ignacio Galan said. "It will also enhance our commitment to customers, through improved quality of supply, and to society, contributing to sustainable development thanks to our world leadership in renewable energy and to increased investments devoted to reducing emissions.
"This new step in the United States will allow Iberdrola to continue working with national and State governments to make investments in infrastructure that advance clean energy policies; we welcome Energy East's employees and look forward to leveraging our experience to help address some of the most challenging energy and environmental issues in the northeastern U.S.," concluded Galan.
"The energy industry is at a major inflection point," said Wes von Schack, Chairman and Chief Executive Officer of Energy East, which is based in Portland, Maine. "Policymakers now recognize the need for our industry to make significant investments in our energy infrastructure. Our objective is to team with the States in which we do business to help meet the goals they have established to increase renewable sources of energy, improve energy efficiency, and invest in a secure and reliable energy infrastructure."
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