Europe's largest utility, Iberdrola (IBE.MC), plans to significantly expand its offshore wind investments, aiming to nearly triple its assets in the sector to €17 billion ($18 billion), Executive Chairman Ignacio Sanchez Galan informed shareholders on Friday.
In recent years, the Spanish company has prioritized upgrading and expanding power grids, while adopting a more strategic approach to renewable energy investments, with a particular emphasis on offshore wind.
Under a new plan introduced in March, over 50% of the €15.5 billion earmarked for renewables over the next three years will be allocated to offshore wind projects.
Iberdrola currently operates offshore wind projects in Germany and the UK, including a partnership with Denmark's Orsted, accounting for around €6 billion in investments. The company is also developing projects in the United States, Britain, France, and Germany.
“Once finished, there will be €17 billion in assets in this sector, which also have guaranteed income,” Sanchez Galan stated, noting that the production is pre-sold through long-term contracts. “Our commitment to offshore wind will continue,” he added.
Iberdrola is actively participating in new offshore wind farm auctions in Britain and the U.S. “We have recently been awarded a new project in Japan and an offshore site for future construction in Australia,” Sanchez Galan said, highlighting an “excellent outlook” for the technology.
