Spanish energy company Iberdrola plans to raise up to E4 billion by floating its Iberenova wind power division, the largest wind power business in the world, The Scotsman has reported.

<p>Analysts estimate the value of the division to be between E16 billion and E20 billion. Iberdrola, which recently acquired UK utility ScottishPower, plans to list the unit in Madrid in October 2007, and will use the capital raised from selling a fifth of Iberenova&#0039;s shares to finance its planned developments.<br /><br />Iberenova owns wind farms with a total capacity of 6,500MW and has projects with an additional capacity of 37,700MW in the pipeline. According to Nasdaq, Iberdrola has confirmed that the division will be divested in the final quarter, and will be given an English name.<br /><br />Credit Suisse, JPMorgan, Merrill Lynch, Morgan Stanley and the Spanish bank BBVA are handling the float, The Scotsman revealed.</p>