Spanish electric utility Iberdrola is considering options to sell a stake in its US renewable operations, Bloomberg has reported.

Sources told the news agency that the move is part of the company’s strategy to bring in new investors across its business.

They added that discussions are currently underway and no final decision has been made on the size or timing of any stake sale.

Representatives of Iberdrola declined to comment.

Iberdrola is said to have been seeking financial partners for its existing renewable energy projects in the US to fund future initiatives.

The potential sale of a stake is in line with the company’s 2023-25 strategic plan to pay down debt and reduce its cost of capital, as well as raise billions via asset rotation and the sale of stakes in certain units.

One source told Reuters that Iberdrola had appointed a bank to work on the possible sale of a minority stake in its renewable operations.

Iberdrola is one of the US’ three largest renewable firms, with its Avangrid subsidiary operating in 25 states.

Earlier this month, the company agreed to sell a 49% stake in its renewable portfolio in Spain to Norges Bank Investment Management, the manager of Norway’s sovereign wealth fund.

Iberdrola will hold the remaining 51% stake in the 1.27GW portfolio, which is valued at around €1.2bn ($1.29bn) in total.

The company will control and manage the assets, providing operations and maintenance services and other corporate services for them.

Solar photovoltaic assets account for 80% of the portfolio, with wind farms comprising the remaining 20%.

In September last year, Iberdrola sold a stake in one of its wind farms in Germany to Energy Infrastructure Partners.

The utility is also understood to be seeking a buyer for a stake in its transmission lines in Brazil.