Iberdrola renewables investments creating a ‘virtuous circle of growth’ as profits climb

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: Iberdrola.

Iberdrola’s record investment into renewables and networks is outperforming expectations, freeing the utility to invest even more creating a “virtuous circle of growth”, the company’s chairman has said.

Today Iberdrola reported its performance for the first nine months of 2019, with net profit up 20% year-on-year to €2.5 billion.

That performance follows a near 12% surge in earnings during the period to €7.5 billion, triggered by record investments into renewables and networks outlined last year.

More than half of the €4.7 billion Iberdrola has subsequently invested into the business has gone towards new renewables as the utility chases a target of developing 13GW of renewables capacity by 2022.

More than half of that has now been commissioned, and the firm expects to have 5,218MW of renewables capacity operational by the end of this year.

While wind and hydro have been strong elements of Iberdrola’s renewables strategy, solar has also found a role to play. The firm has edged closer to starting construction on a 590MW solar farm in Spain that is bidding to become Europe’s largest, while the company was also a prolific entrant in Portugal’s recent record-breaking solar tender.

Speaking of the results, Iberdrola group chairman Ignacio Galán said that the accelerated nature of the company’s investment and early achievement of efficiency and asset turnover targets could pave the way for additional new investments, “creating a virtuous circle of growth and financial strength”.

Read Next

June 7, 2021
Solar PV power systems contributed to 11.4% of Spain’s power mix last month, setting a new record for monthly production, according to new data from grid operator Red Eléctrica de España.
PV Tech Premium
June 4, 2021
Spain’s PV sector has been boosted by a new auction mechanism that aims to support at least 10GW of capacity by 2025. José Donoso, general director of Spanish solar association UNEF, discusses what is driving growth and the various policies that the industry is asking for.
June 1, 2021
Almost two thirds of people working in the solar industry expect to see double-digit sales growth this year, according to initial findings from a Global Solar Council survey.
PV Tech Premium
May 28, 2021
Grids continue to be a thorn in the side of European renewables as long connection queues and exorbitant fees risk stymying the clean energy transition. In this exclusive discussion from Large Scale Solar Europe 2021, we hear how grid operators are adapting to the demands of clean power generators.
May 25, 2021
Spanish energy company Iberdrola is working with US power technology distributor Cummins on what the pair claim will be one of the world’s largest green hydrogen facilities in Spain.
May 21, 2021
Spanish power company Iberdrola is working with car maker Mitsubishi’s power business to develop green hydrogen and battery energy storage projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021