Iberdrola has announced a significant investment of over €15 billion in renewables as part of a broader €41 billion package by 2026, aimed at accelerating electrification. The company revealed its plans during its Capital Markets Day, highlighting a €15.5 billion gross investment in renewables, with an additional €5 billion contributed by partners in identified projects.
More than 50% of this investment will be directed towards offshore wind projects in the US, UK, France, and Germany, with 100% of the investment going to projects already under construction. The €41 billion gross investment also includes the previously announced purchase of 18.4% of Avangrid.
In addition to renewables, Iberdrola will invest €1.5 billion in pumped storage and allocate 60% of its investments, totaling €21.5 billion, to expand and strengthen networks in the US, UK, Brazil, and Spain. Transmission infrastructure is identified as a growth driver, with over €6.5 billion set to be invested in this area.
Looking ahead to Vision 2030, Iberdrola aims to have an additional 3,000MW of offshore wind capacity in operation by 2027, reaching close to 5,000MW. The company also plans to commission an additional 6,000MW of onshore wind and solar capacity from 2027, with a total renewables pipeline of 100,000MW for future development by 2030.
Ignacio Galan, executive chairman of Iberdrola, outlined the company's strategy, stating, “Our strategy will focus on delivering enhanced grid to support security of supply… as well as a strong expansion of renewables capacity… We also recognize an increasing role of storage technologies to preserve the balance between supply and demand 24 hours a day.”
Galan added, “Our strategic pillars focus on networks, geographical diversification, and a balanced energy and customers mix. This plan will allow us to grow our asset base, profitability, and strengthen our finances, as well as increasing dividends and driving jobs, skills, and economic growth.”
