Iberdrola Raises €5 Billion in Share Sale for Grid Expansion

Iberdrola raised about €5 billion ($5.9 billion) in a capital increase to bolster investments in power networks and further its US and UK expansion, marking the biggest share sale in Europe so far this year.

The Spanish energy giant’s sold about 331 million new shares at €15.15 apiece on Wednesday. Iberdrola declined as much as 4.2% from the prior close to trade at €15.23 after securities regulator CNMV lifted the trading suspension in the afternoon, remaining above the offer price.