Iberdrola prepares entry into South Africa with investments of hundreds of millions (translated)
26 JAN 2019
Spain-based energy group Iberdrola [BME: IBE] plans to invest hundreds of millions of euros in South Africa in the coming years, the company's President Ignacio Sanchez Galan said in an interview with Reuters in Davos. The company is looking to invest in wind and solar power, Sanchez Galan said, according to the newswire report. Nevertheless, they first need to solve the problems of permits and authorisations with the South African government, he added.
The energy multinational intends to use its entry into this new emerging destination as a gateway to the African continent, Sanchez Galan said during the interview.
Separately, an item by El Confidencial noted that, although this is Iberdrola's first incursion into the African continent, its engineering subsidiary, Iberinco - currently up for sale, as reported - has already operated South Africa, where it developed different solar and wind energy projects until 2014.
Iberdrola declined to comment on the matter and officially referred to the words of its president in Davos, the item said.
Link to Reuters interview
Linjk to El Confidencial item