The Spanish transnational giant Iberdrola is already preparing its final exit from Mexico due to the legal uncertainty the current government has generated regarding its operation, revealed the Iberian media outlet El Confidencial.
“Iberdrola continues its silent policy of exiting businesses or countries where it lacks the legal certainty that guarantees the profitability of its investments,” the publishing house’s website states.
It adds that “according to sources close to the transaction, the Spanish electricity company has contracted the services of Barclays Bank to sell the 15 plants, mainly renewable energy, it maintains in Mexico after transferring a large portion of its assets to the far-left-led country in the spring of last year.”
Iberdrola is proceeding after having uncertainty about Mexico’s energy policy, which is prioritizing the operation of the Federal Electricity Commission (CFE). While it has opened up opportunities for private investors, these opportunities are limited, and there is uncertainty about the lack of an impartial arbiter, with the judiciary siding with the party in the federal government.
Between 2023 and 2024, the company sold a total of 13 plants to the federal government for $6 billion, and now, according to the Spanish publication, it seeks to divest another 15 renewable plants, mostly for another $4.7 billion.
“The Spanish electricity company is negotiating the sale of its 15 renewable plants in Mexico to focus on markets with greater legal certainty to guarantee its investments,” the Spanish publication reads.
Source: eluniversal
