Iberdrola has reported that 41% of its total investments in H1 2024 were attributed to renewables.
The €2.16bn investment by the company is supporting the delivery of new offshore wind projects Vineyard Wind 1, East Anglia THREE, Baltic Eagle and Windanker.
Iberdrola has 2.3GW of operational offshore wind as of the end of June 2024, on-course to achieve 4.8GW by the end of 2026, as per the company’s business plan.
In addition, new installed capacity both onshore and offshore, included the completion of Saint-Brieuc offshore windfarm in France.
Total renewables capacity reached 43,400MW, with 3,100MW added in the last 12 months.
The Spanish developer said that strong operational performance in networks and renewables businesses has led to a EBITDA increase from €7.56bn in H1 2023 to €9.61bn at the same time this year.
There was notable performance of renewables in Spain, exceeding 18,500GWh in the first half of 2024, an increase of 21%.
There was also an increase in pumped-storage hydro production, with 3,000GWh generated in the first six months (25% of total hydro production), supporting the integration of renewables on to the system.
Furthermore, Iberdrola’s global PPA portfolio has increased by 3TWh in the last year, with new contracts signed in the US, UK, mainland Europe and Mexico.
Ignacio Galán (pictured), executive chairman of Iberdrola, said: “Record renewables production and robust performance in our networks business has helped to deliver a strong set of results for the first half of 2024.
“We have also invested more than ever before in the first 6 months which will drive benefits in the second half of the year, in terms of new renewables capacity and a higher rate base in networks.
“This allows us to increase our profit guidance for the year.
“We are making good progress on delivering against the targets in our business plan to 2026.
“On top of this, we also expect further medium-to-long-term growth opportunities to crystallize in the second half of the year, in our networks and storage business areas, as well as new opportunities to support the expansion of data centres.”