Iberdrola reports 20% year-on-year profit growth as it meets 2022 target early, installs 3.5GW of renewables in 2021

Facebook
Twitter
LinkedIn
Reddit
Email
Iberdrola chairman Ignacio Galán (pictured) said accelerated investment has helped the company deliver higher-than-expected growth. Image: Iberdrola

Spanish utility Iberdrola reported a €12 billion (US$13.6 billion) operating profit in 2021, which was 20% higher than 2020, and met its gross profit forecast for 2022 one year early, as its installed 3.5GW of renewables in 2021.

In its full-year 2021 financial results released today, the Bilbao-based company recorded an EBITDA of €12 billion, which it said was boosted by renewable energy production. However, it suffered from retail activity in the UK and Spain where it decided to maintain fixed prices despite huge volatility in European power markets.

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

“Had prices to customers not been maintained, this figure would have increased substantially,” the company claimed.

The 20% growth in profits for 2021 means the company has achieved its gross profit forecast for 2022 one year early, its financial results said.

Its net profit rose 8% on 2020 to €3.88 billion, which was helped by good operating performance in the US and Brazil and new installed capacity.

Meanwhile, the company also increased its investments to €9.94 billion – up from €7.03 billion for the first nine months of 2021 – of which it allocated more than €4.3 billion to renewables.

This saw it install 3.5GW of new renewables last year, bringing its total installed renewables capacity to 38GW worldwide. Renewable capacity under construction exceeds 7.8GW.

Over €4.4 billion of investment was attributed to smart grids, a 23% growth compared to year-end 2020, in line with the group’s strategy of strengthening key infrastructure and supporting electrification. As a result, the company’s regulated assets stand at €33 billion, it said.

The US (€2.73 billion) and Spain (€2.38 billion) accounted for more than half of the investments.

“The acceleration of investments has helped us to continue to deliver strong growth at a higher rate than expected,” said Iberdrola chairman Ignacio Galán.

In February last year, the company announced plans to double its spend on renewables, taking its investment from €75 billion (US$91 billion) by 2025 to €150 billion (US$182 billion) by 2030.

In its guidance for 2022, Iberdrola said its net profit is forecasted to reach between €4 billion and €4.2 billion – a 12% increase in profits on 2021 when considering the higher end of expectations.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

October 6, 2025
An expert panel has identified a series of grid failures that led to April's unprecedented power outage in Spain and Portugal, ruling out renewables as the leading cause.
October 2, 2025
Spanish waste management company Trabede and energy firm Greening Group will build a solar module recycling plant in Granada, Andalusia, Spain.
September 26, 2025
The New South Wales (NSW) government has committed AU$28 million (US$18.3 million) to establish a new Renewables Manufacturing Hub in Blacktown, Western Sydney, Australia.
September 19, 2025
EdgeMode has acquired a portfolio of data centre assets in Spain, with plans to build a 300MW solar, 1.2GWh storage facility at the sites.
September 19, 2025
Australia has committed to cutting greenhouse gas emissions by 62-70% below 2005 levels by 2035, Prime Minister Anthony Albanese announced on Thursday (18 September).
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.

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