Global green power giant Iberdrola said it expects to speed up investment plans under the US Inflation Reduction Act (IRA) after a $6bn sale of power assets to Mexico that the nation’s president called “a new nationalisation”.

The Spain-based group agreed to sell 8.5GW of generation plant – mostly gas but including a 103MW wind farm – to Mexico’s state power utility CFE under a deal due to complete later this year.