Iberdrola Q1 profits and EBITDA rise, plans expanded investment in 2024

April 24, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
Iberdrola’s net installed solar PV capacity rose by 35.4% YoY, from 4,576MW in Q1 2023 to 6,195MW in Q1 2024. Image: Iberdrola

Spanish utility Iberdrola posted increased profits and earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q1 2024, despite its net electricity production and installed capacity decreasing year-on-year (YoY).

Iberdrola’s reported net profit was €2.76 billion (US$2.95 billion) in the first quarter of the year, compared with €1.49 billion (US$1.59 billion) in Q1 2023. The increase is largely attributable to Iberdrola’s February sale of 55% of its Mexico business; the company said that the sale alone added €1.16 billion in net profit this quarter.

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

Excluding this, and the recovery of a tariff deficit recorded in its UK business, net profit rose by 28%.

EBITDA was €5.86 billion in Q1 2024, compared with €4.07 billion in Q1 2023. This increase was also due to the Mexico sale.

Iberdrola’s investment in its renewable energy business also increased year on year, by over 50% to €994 million. The largest share of this investment was in offshore wind assets. Last month, the utility said that it would invest US$17 billion into renewables over the next two years.

40% of its total investments for the quarter were represented by transmission projects.

Increased solar capacity

Iberdrola’s net installed solar PV capacity rose by 35.4% YoY, from 4,576MW in Q1 2023 to 6,195MW in Q1 2024.

Its capacity in its native Spain grew the most sharply, up 46.9% YoY from 2,777MW to 4,079MW. In February 2023 Iberdrola signed a financing deal with the Sovereign Wealth Fund of Norway to develop around 1GW of solar PV capacity in Spain, a deal which was expanded in January this year with financing for another 1.3GW of Iberian renewables.

Q1 renewables production in Iberia increased by 19% to 10,600GWh, which Iberdrola said was a ten-year high.

Its US solar capacity also rose significantly, from 529MW in Q1 ’23 to 733MW in Q1 ’24, a 38.5% increase. Iberdrola’s US project development subsidiary, Avangrid, cancelled a planned merger with the Public Services Company of New Mexico (PNM) in January after the legal terms of the deal were not met.

Its solar capacity in Mexico and Brazil decreased marginally, whilst it added 9MW to its UK portfolio.

Ignacio Galán, executive chairman of Iberdrola, said: “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production.”

Forecasting the rest of the year, Galán continued: “Our record investment levels in the first quarter will drive a total spend of €12 billion euros this year. The good start to the year has allowed us to increase our guidance for 2024, with net profit now expected to grow at a high-single-digit rate.”

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

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 .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK