Iberdrola has successfully concluded the sale of three mini-hydro plants in Spain boasting a combined installed capacity of 35MW to Austrian energy company Kelag. Notably, this transaction lays the foundation for potential future expansion as both companies explore the possibility of including additional mini-hydro assets in their collaboration.

Kelag currently manages a portfolio of approximately 100 hydroelectric power plants and a diverse array of hydropower purchase and subscription rights, amassing a total installed capacity of 1500MW in Austria. This latest acquisition marks Kelag's second venture into the Spanish energy landscape, building upon their prior purchase of four hydroelectric plants in 2022. Kelag has as a strategy to continue growing in renewable energy projects both nationally and throughout Europe over the next years.

This strategic divestment aligns with Iberdrola's ambitious non-strategic asset rotation program for the period spanning 2023-2025, a commitment unveiled in their Strategic Plan the previous year. The company has achieved 100% completion of this program, ensuring a seamless transition that will support their record investments amounting to €47 billion.

In addition to this transaction, Iberdrola has recently executed several divestments in the Mexican market. Furthermore, the company has been proactively entering into partnerships and agreements to co-invest in clean energy and electrification projects. These collaborations involve a diverse set of partners, including notable names such as MAPFRE, Norges Bank Investment Management, Masdar, bp, and Energy Infrastructure Partners.