Clean energy company Iberdrola acquires 20% stake in LatemAluminium

The global leader in the energy sector Iberdrola and the Spanish manufacturer of aluminium coils and sheets, as well as recycled aluminium alloys LatemAluminium has recently announced that the wind power producer has acquired a 20 per cent stake in LatemAluminium. By forming this partnership, the energy company strengthens its position in the industry and becomes one of the key shareholders of LatemAluminium, consolidating its presence even further.

Iberdrola has partnered with LatemAluminium to support decarbonising green aluminium production processes by providing renewable electricity and green hydrogen.

Iberdrola has announced its participation in a groundbreaking venture with LatemAluminium, focusing on a large-scale aluminium recycling project. With a 20 per cent stake, Iberdrola will contribute to an investment totalling €120 million by 2024, and the project aims to generate 800 jobs by 2026, including 300 direct positions. This initiative, declared a Priority Industrial Project and supported by the Regional Government of Castile and León, underscores Iberdrola's dedication to promoting innovation as the catalyst for sustainable industrial growth in Spain.

Iberdrola's startup program, Perseo, is directing this investment, which has already provided over €125 million to back exceptional entrepreneurs and industrial businesses across the globe. These initiatives play a crucial role in hastening the decarbonization and electrification of the economy.

LatemAluminium's endeavour centers on the circular economy principles concerning aluminium, leveraging cutting-edge technologies to manufacture 30,000 tonnes of rolled aluminium at its facilities in Zamora and León. The project encompasses a comprehensive process that involves converting scrap into aluminium ingots and liquid aluminium, then transforming it into rolled aluminium coils and, ultimately, their marketing and distribution.

The newly established factory encompasses a spacious building spanning an area of 55,000 square meters. It is dedicated to utilizing exclusively recycled aluminium in its operations. Initial operational trials are scheduled to take place during the final quarter of this year to produce the first aluminium coil upon the official commencement of the factory in the first quarter of 2024.

With over 170 years of history, Iberdrola has joined forces with LatemAluminium as their energy partner, aiming to decarbonize all green aluminium production processes by utilizing renewable electricity and green hydrogen.

However, the duo organizations are making significant advancements in their negotiations with EXIOM Solar Ibérica to potentially provide eco-friendly recycled aluminium from Latem's Zamora and Leon facilities. This aluminium would be utilized to construct solar panel frames at the upcoming photovoltaic panel production plant being constructed by Iberdrola in Asturias.