The Spanish utility Iberdrola has announced it will invest about €17bn in renewable energy over the 2023-2025 period in order to reach around 52 GW of total installed renewable capacity by the end of 2025.
Iberdrola will use this investment to build 12 GW of new capacity divided between 6.3 GW of solar PV, 3.1 GW of onshore wind, 1.8 GW of offshore wind, 0.7 GW of batteries and 0.2 GW of hydro. According to the company, 5.7 GW of these projects are either already under construction or in ready-to-build stage. Most of the invested capital will go to the United States, which will receive 26% of the total, followed by the European Union excluding Spain (25%), the UK (20%), Spain (18%), Australia (6%) and Brazil (4%).
This investment is part of a €47bn spending package which also includes a €27bn investment in grids and electricity networks. The package is meant to boost Iberdrola’s EBITDA to €17bn, as well as increase the company’s net profit to €5.2bn in 2025.