Spanish gas and electricity major Iberdrola has completed the reorganization of its renewable energy subsidiary, Iberdrola Renewables.

The group has fully subscribed and paid up a capital increase by Iberdrola Renewables via a non-monetary contribution equivalent to the entire capital of ScottishPower Renewable Energy. This company holds the shares of almost all companies in the ScottishPower group that are principally active in renewable energy.

As announced previously, the market listing of Iberdrola Renewables will take place through an increase in capital that will be placed through an initial public offering in Spain. The listing of the renewables unit is intended to raise funds to finance the company’s growth independently of the Iberdrola parent.