IBDRY Iberdrola SA (PK)

By Giulia Petroni

Iberdrola SA on Tuesday said it will combine all its current business activities in Germany and establish a fully-owned subsidiary in the country.

The Spanish energy company said Iberdrola Deutschland's main line of business will be the operation of large renewable-energy assets as well as the supply of services to help businesses reducing their carbon footprint and meeting their environmental goals.

The onshore and offshore divisions will be focused on the construction and operation of wind farms and solar photovoltaic plants, while the commercial division will include electricity supply contracts and long-term power and purchase agreements from the company's own renewable assets, among other services.

Felipe Montero, who joined the group in 2010, has been appointed chief executive officer of Iberdrola Deutschland.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 07, 2023 03:35 ET (08:35 GMT)

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