“The transaction integrates Iberdrola USA and UIL, is consistent with group strategy and creates a significant company in the United States, a key market in which we are taking a major step forward,” said Ignacio Galan, Iberdrola’s chairman. Last October, Reuters reported that Iberdrola hired JPMorgan to sell some foreign renewable assets to help fund an acquisition in the fast-growing U.S. market. Spain’s energy reforms, which aim to cut a massive tariff shortfall in the regulated power system, have wiped 1.4 billion euros from Iberdrola’s earnings since 2011.