– Iberdrola plans to invest €41bn in electrification and grid upgrades in various countries
– The investment will focus on global electricity infrastructure to support decarbonisation and the growth of new sectors
– The company aims to increase offshore wind, solar, and onshore wind capacity, with a target of 100GW renewables pipeline by 2030
Spanish utility company Iberdrola announced a €41bn investment to accelerate electrification and upgrade grids worldwide. The company emphasized the importance of upgrading electricity networks to accommodate the increasing capacity needed for decarbonization and the growth of renewable energy and battery storage sectors. The investment will also include the purchase of a stake in Avangrid for $2.5bn.
The investment plan includes expanding and strengthening grid networks in the US, UK, Brazil, and Spain, with a focus on renewable energy projects. Iberdrola aims to increase offshore wind capacity in the US, UK, France, and Germany, as well as energy storage systems to stabilize renewable energy output.
Iberdrola’s strategic shift towards a more selective approach to renewable energy projects aligns with its goal to have additional offshore wind capacity and boost solar and wind capacity by 2027. The company plans to have a total renewable energy pipeline of 100GW by 2030.
Executive chairman Ignacio Galan highlighted the unstoppable trend of electrification and the role it plays in decarbonization, energy security, and reducing fossil fuel volatility. Iberdrola also reported strong profits in 2023, with €4.8bn of earnings before interest, taxes, depreciation, and amortization (EBITDA), setting a total investment record of €11.38bn for the year.