Spanish utility giant Iberdrola targets to invest €17 billion (US$17 billion) in renewables in the next three years and reach 52GW of renewables capacity installed by 2025.
With solar PV accounting for 24% of the investment and an installed capacity share of 6.3GW out of the 52GW between all renewables by 2025.
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Within markets with the most investment share, the US will receive the most of the company’s total investment in its energy transition plan of €47 billion by 2025, which also includes €27 billion dedicated to grid networks.
Nearly half of the €47 billion (47%) investment will be for the US market, followed by the UK with 16%, Spain with 13% and Latin America with 11%.
The US recently performed strongly during the company’s Q3 2022 results, along with Brazil, and drove the company’s profits up in the first nine months of 2022.
Other markets such as Australia – where it recently announced up to US$3 billion investment to target a 4GW portfolio – and Europe, with France and Germany primarily, will have Iberdrola’s presence increased with a 13% of total investment into these markets.
Moreover, the growth plan of the Spanish utility will be based in organic investments in all its markets as well as in the transaction in US utility PNM Resources, with a €11 billion investment, according to Ignacio Galán, executive chairman of Iberdrola.
To drive the uptake of renewables deployment, the Spanish giant aims to increase its workforce by hiring 12,000 workers by 2025.
“The record global investment plans we have set out today will help us to bring more self-sufficiency and resilience against potential energy shocks in the countries where we operate, by reducing their dependency on oil and gas and by continuing their path to Net Zero,” said Galán.
During its Capital Markets Day presentation held in London, the company outlined an EBITDA of €16.5-17 billion by 2025, a 8% to 9% annual increase and up from the €12 billion recorded in 2021, which was boosted by its renewables assets energy production.