The IPO of Iberdrola Renovables in Madrid was priced at the low end of the range and the shares slipped below the issue price of EUR5.30 in early trading. However, the scale of the issue, valued at EUR4.1 billion, makes it one of the the largest renewable energy plays and the company, a subsidiary of Spanish utility Iberdrola, is set to become a core holding in the portolios of many investors.

 First published in Cleantech magazine. November/December 2007. © Cleantech Investor Ltd. 2007

Iberdrola Renovables operates wind farms and small hydroelectric plants with capacity to produce over 7,300 MW. It plans a heavy investment programme in renewable energy, focusing in particular on the US market.