[SMM Flash News] Power Minerals Completes Acquisition of Morro do Ferro Rare Earths Project in Brazil

German renewable energy developer PNE AG has successfully completed the sale of its 25.2 MW Bokel wind farm, located in Lower Saxony, to an investment fund managed by Union Investment. The facility, which consists of seven wind turbines and was commissioned in April 2025, produces enough green electricity to power approximately 17,800 three-person households annually. While the financial terms of the deal remain undisclosed, PNE’s subsidiary, energy consult, will retain technical and commercial management of the site until at least late 2029, ensuring operational continuity under the new ownership.

Iberdrola SA reported a €1.87 billion adjusted net profit for Q1 2026, marking an 11.4% increase year-on-year, primarily fueled by robust growth in regulated networks and an increased stake in its Brazilian subsidiary, Neoenergia. While group revenue remained stable at €12.02 billion, adjusted EBITDA grew 2.4% to €4.07 billion, benefiting from the consolidation of UK operator Electricity North West (ENW). Conversely, the electricity production and customers division saw a 3.2% dip in adjusted EBITDA to €2.02 billion, as increased output in Europe and the UK was offset by non-recurring ancillary service costs in the Iberian market and a tough year-on-year comparison in the US.

Spanish energy major Repsol reported an adjusted net loss of €4 million for its low carbon generation unit in Q1 2026, a sharp reversal from the €2 million profit recorded a year earlier. While total electricity generation surged 57.4% to 3.35 TWh—supported by new wind and solar assets and increased gas-fired output—operating income for the division fell 50% year-on-year to €12 million. This decline was primarily driven by a 49.7% drop in Spanish wholesale electricity prices, which averaged €43.3/MWh during the quarter due to exceptional rainfall. Despite the Renewables segment’s operating income falling by €18 million, the group's overall adjusted EBITDA for the unit managed a slight 1.9% increase to €53 million.