Iberdrola Raises Nearly $10 Billion in Week to Boost Grid Focus

Iberdrola SA raised around $10 billion in just over a week to strengthen its strategic pivot toward power grids and away from its home market of Spain.

The Bilbao-based utility on July 23 carried out a €5 billion ($5.8 billion) capital increase that attracted orders for almost four times the stock available. Then on Thursday it announced the sale of its remaining Mexican assets to Spanish firm Cox ABG Group SA for an enterprise value of about $4.2 billion.

The rationale for both transactions is a renewed effort to fund investment in power networks, which has become the company’s strategic ...