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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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

PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
PV Tech Premium
September 7, 2021
Liam Stoker reflects on DNV’s Energy Transition Outlook as the consultancy laments the “missed opportunity” of the pandemic to reset global decarbonisation efforts. With COP26 just two months away, is terawatts of growth enough?
September 7, 2021
Supply disruptions in the coal and gas sectors have contributed to record electricity costs across Europe, leading to calls for more support for renewables generation to mitigate future price rises.
September 6, 2021
India-based renewables developer Adani Green Energy has raised US$750 million through a green bond offer, securing the debt and equity needed to reach a 25GW renewables target.
PV Tech Premium
September 1, 2021
Spain’s renewables auction next month is set to receive high levels of interest from solar bidders, according to industry observers, as the country’s government seeks to support the swift deployment of new capacity following a summer beset by record-breaking electricity prices.
August 20, 2021
Solar PV plants generated 10% of the EU-27’s electricity demand during June and July this year, new analysis by energy thinktank Ember has found.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021