Through its Brazilian subsidiary Neoenergia, the Iberdrola group controlled 70% of the plant, which has an installed capacity of 350 megawatts (MW) and 172 MWm of guaranteed energy.

Spanish energy company Iberdrola has sold the Baixo Iguaçu hydroelectric plant in Paraná, Brazil, to French power company EDF in a deal valued at 1.43 billion Brazilian reals (US$247 million), the company said, adding that the price is subject to the usual adjustments in this type of transaction.

Through its Brazilian subsidiary Neoenergia, the group chaired by Ignacio Sánchez Galán controlled 70% of the plant, which has an installed capacity of 350 megawatts (MW) and 172 MWm of guaranteed energy.

Iberdrola said that this transaction "reinforces its asset rotation strategy focused on portfolio optimization with value creation, capital discipline and simplification of its structure."

The electricity company has recently closed several long-term alliances to accelerate its growth and promote the decarbonisation of the economy while maintaining its financial strength, including Kansai's entry into the German offshore wind project Windanker valued at US$1,331 million or the purchase of the British company ENW to continue expanding its networks business in that country, with Kansai as a partner.

Likewise, at the beginning of 2023 it signed an alliance with Norges Bank to co-invest in renewables that, after its expansion, will reach 2,500 MW, and at the end of that year it closed an agreement with Masdar to co-invest up to 15,000 million euros (US$ 15,601 million) in offshore wind and green hydrogen in Germany, the United Kingdom and the United States, the first milestone of which was the agreement announced in July for the Baltic Eagle offshore wind farm in Germany.

In addition, it has alliances such as that of GIC for the expansion of transport networks in Brazil for 430 million euros (US$ 447 million) and last year it sold more than 8,400 MW of combined gas cycles in Mexico for US$ 6.2 billion.