Iberdrola has pledged to spend €17 billion by 2025 to build 52GW of renewables capacity.
The Spanish developer said it would proceed on a “best risk/reward” strategy on what it called a “high-quality pipeline”.
Almost half, or 46%, of the spending would be in offshore wind in the US, UK, France and Germany, it said.
A quarter would be in onshore wind and another quarter in solar, it added.
The company also increased its EBITDA target for 2025, now expecting to record earnings of €16.5-17bn with net profit increasing to €5.2-5.4bn.
Executive chairman Ignacio Galan (pictured) said: “If we are to learn one lesson from the current crisis, it is the compelling need to deliver electrification quickly for a more secure, clean and competitive energy system.
“The record 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, by reducing their dependency on oil and gas and by continuing their path to Net Zero.
“We are building on a strong track record of delivery across more than two decades, and our plans ensure that Iberdrola will remain at the centre of delivering the enhanced grid networks and the renewables that the energy transition needs globally.”