The stake is worth about 380 million euros ($562 million) at Galp's current share price of 15.78 euros.
Iberdrola, S.A. is one of the leading private electric utilities worldwide and the largest renewable energy operator in the world. Its services reach 16 million customers, over nine million in Spain. Its operations include generation, transmission, distribution and marketing of electricity and natural gas.
Iberdrola is a 100-year-old company based in Bilbao devoted to the national and international energy sector. As of March 2006, it had an installed capacity of 3914 megawatts from renewable sources of which 3598 megawatts come from wind power.