Iberdrola aims for 16GW of installed solar in five years as part of utility’s largest-ever investment plan

November 6, 2020
Facebook
Twitter
LinkedIn
Reddit
Email
Image: Iberdrola.

Iberdrola is set to double its renewables capacity by 2025 through a €75 billion (US$88.9 billion) investment package that sees the Spanish utility seek to take advantage of the “global energy revolution” and reach carbon neutrality in ten years.

The company forecasts that its largest-ever funding plan will enable it to increase renewables capacity from its 32GW level last year to 60GW in 2025, with solar PV set to more than double to 16GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Around 90% of the investment will be based on renewables production, energy storage and more networks and intelligent solutions for its customers. The remainder relates to its recent acquisition of PNM Resources, owner of utilities in Texas and New Mexico.

Iberdrola CEO Ignacio Galán said the company is “advancing a model for long-term sustainable economic growth capable of meeting the current challenges of society”.

With renewable energy project pipeline of 70.5GW, including 30.7GW of solar, Iberdrola said it is in a “unique position to tackle the global energy revolution”, focusing on countries with ambitious climate and energy targets. The US and UK will account for half of the total investment, while expenditure in Spain will increase by 60% on previous plans. 

In line with the climate objectives of its main markets, Iberdrola has a ten-year goal whereby its installed renewables capacity will increase to 95GW.

Having recently formed a new business unit focused on green hydrogen and revealed plans for what it describes as “Europe’s largest” solar-storage-hydrogen project, Iberdrola said its activities will lead to the development of a supply chain that will support the implementation of new electrolyser manufacturers. In line with European goals, the company plans to install 800MW of green hydrogen capacity in the next seven years.

Despite coronavirus-related disruptions – including a temporary pause on solar and wind plant construction in Spain earlier this year – Iberdrola has updated its financial outlook for 2022, with net profit to be around €4 – €4.2 billion, up from the previously projected €3.7- €3.9 billion.

When the firm secured €800 million in funding in July to spearhead new renewable energy deployment in Spain, CEO Galán said a green recovery from the pandemic is the “perfect opportunity to generate sustainable growth and massive future employment”.

Read Next

October 22, 2025
The Queensland government has launched the Social Licence in Renewable Energy Toolkit, providing local councils in Australia with resources to navigate renewable energy project engagement and community consultation processes.
October 21, 2025
Australia's solar-plus-storage sector gained momentum with 725MW of solar PV approvals advancing across New South Wales and Queensland.
October 21, 2025
Luminous Robotics has successfully completed its first international deployment of AI-powered solar installation robots at Engie’s 250MW Goorambat East Solar Farm in Victoria, Australia.
October 21, 2025
An independent panel has granted resource consents for the 179MW Glorit Solar Farm in Auckland, New Zealand.
October 20, 2025
Spain has amended its national common agricultural policy (PAC) framework to include agrivoltaic (agriPV) systems to be eligible for subsidies.
Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany