Spanish energy company Iberdrola has registered a public takeover bid to acquire the remaining shares of its Brazilian subsidiary Neoenergia, aiming to reach full ownership of the company.
Iberdrola, which now officially submitted documentation to the Brazilian Securities and Exchange Commission (CVM) and Novo Mercado (Brazilian Stock Exchange – B3), launched the takeover bid for 16.2 per cent of Neoenergia’s share capital on 24 November 2025.
The Spanish company said it was offering BRL 32.5 per share, the same price paid in October 2025 when it bought a 30.29 per cent stake from the PREVI pension fund. In November 2025, Iberdrola said it expected a total disbursement of about EUR 1.03 billion, before interest and assuming no interim dividend.
Neoenergia, which Iberdrola already controls with an 83.8 per cent stake, supplies electricity to nearly 40 million Brazilians through five distributors in six states and 18 transmission lines, making it the largest distribution group in the country by number of customers, according to the company.
Electricity grids account for 90 per cent of Neoenergia’s business, but the company also has renewable energy projects in Brazil, including offshore wind.
Neoenergia has applied for environmental investigation licences for offshore wind farms in three Brazilian states: Ceará, Rio de Janeiro, and Rio Grande do Sul. Each project has a planned capacity of 3 GW.
In 2024, the company signed a memorandum of understanding (MoU) with the state government of Rio de Janeiro to explore the development of offshore wind projects and deployed a floating LiDAR off the north coast of Rio de Janeiro the following month.