February 27, 2019 Read More →

Spain’s Iberdrola outlines major renewable energy investment plans

Reuters:

Spanish energy company Iberdrola said on Tuesday it will speed up its investment plans, the majority of which will be spent on its networks and renewables businesses, as part of its four-year strategy to 2022.

The leading global wind energy producer said total spending in the period will amount to 34 billion euros ($38.61 billion), higher than the 32 billion euros it expected to spend. Of the total figure, 47 percent will be poured in to the regulated network business and 40 percent into green assets.

In its home market, where the outgoing Socialist government recently disclosed its draft proposal to decarbonise the economy, Iberdrola said it will spend 8 billion euros in the period, earmarking 4.2 billion euros for renewable assets.

Iberdrola’s chairman Ignacio Sanchez Galan said during an analyst call that the company did not see acquisitions as part of its strategy.

Meanwhile, Scottish Power, the British arm of Iberdrola, said it plans to spend up to 2 billion pounds ($2.6 billion) this year on clean energy in Britain, the company’s biggest ever investment in a single year.

Last year, Scottish Power sold its gas-fired, hydro and pumped storage plants to British power producer Drax, leaving Iberdrola with only wind power generators in Britain. It has a large pipeline of offshore wind projects and plans to develop 1 gigawatt of onshore wind by 2025 in Britain.

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