Spain’s Iberdrola to invest $47 billion in energy transition

Spain’s Iberdrola will invest EUR 47 billion euros ($47 billion) in electricity networks, renewable energy production and customer businesses over the next two years, its chairman said in a strategy update.

In its last strategy update, the company said it planned to invest EUR 75 billion in renewable energy, grids and retail operations from 2020-2025. Around EUR 30 billion has been invested since then, and a further EUR 65-75 billion investment is planned from 2026 to 2030, a company spokesman said.

Iberdrola said 57% of the total 2023-25 investment, or EUR 27 billion, would be in electricity networks in Britain, Brazil, Spain and the United States.

It said that 85% of that investment had been secured, with deals already closed or expected to be closed next year.

Iberdrola is pushing to remain one of the leaders in global renewable power at a time when utilities are facing a challenging transition away from fossil fuels, accelerated by the need to cut energy dependence on Russia.

“The global investment plans we have set out today will help us to bring more self-sufficiency and resilience against potential energy shocks in the countries where we operate,” executive chairman Ignacio Galan said.

Some EUR 17 billion of the 47 billion total investment will go on renewables. Nearly half of that will be spent on offshore wind.

Iberdrola said it aims to become carbon neutral by 2030 and reach the tougher net zero emissions standard by 2040.