Iberdrola has added €2bn to its 2018-22 capital investment plan and will now spend a total of €34bn over the next three years.
The Spanish utility-developer said the additional cash is thanks to a €3bn net profit for 2018.
Some €13.3bn will be spent in renewables with the remainder going to generation and supply (€3.8bn) and networks (€16bn).
Iberdrola currently has a 6.5GW-plus pipeline of green energy projects.
“In addition, by 2023, Iberdrola will have €5.3bn of capital in progress, mainly in the offshore wind farm projects of Saint Brieuc, Vineyard Wind and Baltic Eagle,” the company added.
The company aims to have 9.9GW of new renewables generation online by end-2022.
Spending will be focused on Europe, where a “significant role” will be played by its home market Spain.
A total of 3GW of new wind and solar will be added in the country by end-2022 with a longer-term plan to have 10GW of new generation in place by 2030.
The home market spending plan will see €8bn shelled out, up 40% from initial estimates.
Iberdrola is also targeting Brazil, the US and Mexico.
“Through this plan we give a major boost to the irreversible transition towards a low-carbon energy model,” said group chairman Ignacio Galan.
“Our capital expenditure grows by €2 billion and our generation capacity will be nearly 40% higher by the end of 2022.”
The investment plan will unlock €3.7bn-€3.9bn of net profit in 2022, according to the company.