Iberdrola’s total installed renewables capacity rose to 38,305MW at the end of Q1 2022, its results for that period show.
This marks a 9.1% rise on the 35,102MW achieved at the same time last year.
Generation, however, dropped by 4.9% to 21,689GWh, down from 22,797GWh in Q1 2021.
This was reflected in a 6.8% EBITDA drop in its energy production and supply business to €1.36bn.
Iberdrola said this was due to high energy prices, low renewable production and the unscheduled shutdown of the Cofrentes nuclear plant in Valencia, Spain.
The developer currently has 7500MW of capacity under construction.
The company has accelerated development in regions with greater climate ambitions and stable regulatory frameworks, such as the US (22,100MW pipeline), the UK (15,400MW pipeline) and 24,800MW in countries including Sweden, Germany, Australia, Poland and Japan.
Further progress was made in the development of offshore wind projects during the quarter including planning consent secured for the 2900MW East Anglia Hub in the UK and a PPA for the 1232MW Commonwealth wind farm in Massachusetts in the US.
Iberdrola has more than 3800MW of additional installed capacity planned for this year.
Chairman Ignacio Galán (pictured) said:”The current crisis in the energy market demonstrates the need to accelerate the transition to renewables to achieve energy self-sufficiency in Europe and decarbonise our economies.
“To achieve this, solutions based on the European framework and a continuous dialogue between market players and administrations are needed.”