Iberdrola acquires Contigo Energía to expand Spanish retail market

Iberdrola has reached an agreement to acquire the electricity retail business of Contigo Energía in Spain. This transaction, which is subject to customary closing conditions, will add more than 100,000 customers to Iberdrola’s portfolio.

This marks the first time Iberdrola has acquired a retail electricity company in Spain. The move is part of a strategy to accelerate the electrification of households and businesses by strengthening its commercial presence in the domestic market. Contigo Energía, a subsidiary of Gesternova, will continue to operate independently within the Iberdrola Group, similar to the company’s digital brand, Niba.

In related financial news, Deutsche Bank has upgraded its recommendation for Iberdrola to ‘buy,’ raising its 12-month price target by 19% to 22 euros per share. This follows the company’s record net profit of 6,285 million euros reported in 2025.