NewEnergyNews: WIND IN SPAIN BUYS WIND IN MAINE: $4.5 BIL!

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    Wednesday, June 27, 2007

    WIND IN SPAIN BUYS WIND IN MAINE: $4.5 BIL!

    Iberdrola is one of the handful of multinationals moving into wind energy in a very big way, leading the consolidation of the business.

    Spanish Utility Iberdrola to Buy Energy East for $4.5 Billion
    David Sharp, June 25, 2007 (AP via Yahoo Finance)

    WHO
    Spanish power company Iberdrola SA (Ignacio Galan, CEO); regional US utility owner Energy East Corp. (Wes von Schack, CEO);
    doesn't look much like Maine

    WHAT
    Iberdrola will buy Energy East for $4.5 billion.

    WHEN
    Deal announced June 25.
    Deal closes in 2008.

    WHERE
    Meetings in New York and Madrid to make the deal.
    Iberdrola is based in the northern Spain city of Bilbao.
    Energy East, based in New Gloucester, owns utilities in New York, Connecticut, Massachusetts and Maine.
    energia verde. love it. (click to enlarge)

    WHY
    - This is Iberdrola’s first outright US buy. It has been expanding wind holdings internationally and recently bought Scottish Power, which owns PPM wind farms in Oregon.
    - Energy East shareholders get $28.50/share on shares trading June 22 at $22.37.
    - 80% of Maine electric comes from Central Maine Power Co., an Energy East subsidiary. Other Energy East subsidiaries: Berkshire Gas Co., Connecticut Natural Gas Corp., New York State Electric & Gas Corp., Rochester Gas and Electric Corp., and The Southern Connecticut Gas Co.

    QUOTES
    - Kurt Adams, chairman, Maine Public Utilities Commission: “[PUC scrutiny of the deal will be a vigorous analysis…"
    - Galan: "The combination with Energy East fits with the philosophy of our strategic plan, will serve to enhance the international expansion we initiated several years ago in markets with stable growth, and consolidates our position as one of the world's leading electricity companies…"

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