Rising profits despite the impact of the Covid-19 pandemic have allowed Spanish renewable giant Iberdrola to beef up its business in the US further by buying New Mexico and Texas utility PNM Resources for $8.3bn.

"The operation aligns to the strategy we have followed for more than 20 years. Friendly transactions, focused on regulated businesses and renewable energy, in countries with good credit ratings and legal and regulatory stability, offering opportunities for future growth,” Iberdrola chief executive Ignacio Galán said.