Iberdrola to buy majority stake in Finnish power distributor Caruna
Spanish energy giant Iberdrola has agreed to acquire an 80% stake in Caruna, Finland's largest electricity distribution network operator, for €2 billion, valuing the company at approximately €5 billion including debt. Nordic pension funds AMF and Elo will retain the remaining 20%. Caruna operates 89,000 km of network, mostly underground, serving 1.5 million people (over a fifth of Finland's population) in regions including central Helsinki and Joensuu. The acquisition, expected to close in Q1 2027 pending regulatory approvals, aligns with Iberdrola's strategy to invest in stable, regulated electricity networks. Finland's regulatory framework, effective until 2031, offers a regulated return on equity of about 8%. Iberdrola plans annual network investments of €200-300 million and projects 7% annual growth in earnings and asset base from this deal. The move follows Iberdrola's recent €3.41 billion sale of its Mexican thermal power plants.
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