Iberdrola has announced that 41% of its total investments in the first half of 2024 were directed towards renewable energy projects. The company’s €2.16 billion investment is supporting the development of new offshore wind projects, including Vineyard Wind 1, East Anglia THREE, Baltic Eagle, and Windanker.
As of the end of June 2024, Iberdrola has 2.3GW of operational offshore wind capacity, with plans to achieve 4.8GW by the end of 2026 according to its business plan. The company also completed the Saint-Brieuc offshore wind farm in France, adding to its total renewables capacity which reached 43,400MW, with 3,100MW added in the last 12 months.
Iberdrola reported a strong operational performance in its networks and renewables businesses, leading to an increase in EBITDA from €7.56 billion in H1 2023 to €9.61 billion in the same period this year. Renewable energy production in Spain exceeded 18,500GWh in the first half of 2024, a 21% increase. Additionally, pumped-storage hydro production increased to 3,000GWh in the first six months, accounting for 25% of total hydro production and supporting the integration of renewables into the system.
The company’s global PPA portfolio grew by 3TWh over the past year, with new contracts signed in the US, UK, mainland Europe, and Mexico.
“Record renewables production and robust performance in our networks business has helped to deliver a strong set of results for the first half of 2024,” said Ignacio Galán, executive chairman of Iberdrola. “We have also invested more than ever before in the first six months which will drive benefits in the second half of the year, in terms of new renewables capacity and a higher rate base in networks. This allows us to increase our profit guidance for the year.”
Galán added, “We are making good progress on delivering against the targets in our business plan to 2026. On top of this, we also expect further medium-to-long-term growth opportunities to crystallize in the second half of the year, in our networks and storage business areas, as well as new opportunities to support the expansion of data centres.”
