Iberdrola SA launched a €75 billion investment plan for the 2020 to 2025 period, including a commitment to invest €68 billion organically in renewable energy, networks, storage and intelligent solutions for its customers. The remaining €7 billion will be allotted to the pending acquisition of PNM Resources Inc. by Avangrid Inc., which is majority owned by Iberdrola, according to a Nov. 5 news release.
The company expects to invest an average of €10 billion per year between 2020 and 2022, and €13 billion per year in the 2023 to 2025 period. More than half of its organic spending, or €34.68 billion, will be invested in renewable energy, with around €27.2 billion going into networks.
Geographically, €14.35 billion will be spent in its home market Spain, representing a 60% increase over the previous plan and 21% of the group’s total. Another €34 billion will be invested in the U.S. and the U.K., with €11 billion going toward other international areas.
Iberdrola is targeting renewable energy capacity of 60 GW by 2025, after hitting 44 GW in 2022. At the end of the period, the company’s renewables portfolio will be made up of 26 GW of onshore wind, 4 GW of offshore wind, 16 GW of solar and 14 GW of hydropower.
Iberdrola is targeting to be carbon neutral by 2030.
Meanwhile, network investments will bring the company’s regulated asset base to €47 billion by 2025. The company is also planning to have 600 MW of installed green hydrogen production capacity by 2025, and 800 MW by 2027 together with Spanish fertilizer maker Fertiberia SA.