Spanish utility giant Iberdrola has committed to invest between €2-3 billion (US$1.99-2.99 billion) in renewables in Australia in the “coming years”, more than doubling its existing investment of €2 billion.
The utility, which currently has a 2GW portfolio of development projects and an installed capacity of 1,062MW of solar, wind and battery storage in Australia, aims to reach 4GW of installed renewables capacity in the country.
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Since the acquisition of renewables firm Infigen Energy, now Iberdrola Australia, in 2020, the Spanish energy company has invested in several solar and wind projects in the country as well as acquiring engineering, procurement and construction (EPC) provider Autonomous Energy.
Ignacio Galán, CEO of Iberdrola, said: “With these investments, Australia is consolidating its position as one of Iberdrola’s key markets. The country’s abundant wind and solar resources, as well as the pace of technological development, place this region in a privileged position.”
Iberdrola is targeting eye-watering investment levels in renewables moving forward after committing to double its investment to more than €150 billion by 2030 with a high focus in Spain. It recently commissioned Europe’s largest solar plant at 590MW and is working on a pipeline of 1.4GW of solar PV set to come online in the coming months.
Moreover, the company has also invested in green hydrogen, partnering with Porcelanosa, Mitsubishi, BP and Enagas among others as part of a €3 billion investment in the technology earlier this year.