Iberdrola Group has reported a 20% rise in profitability in 2021, achieving EBITDA of €12bn, thanks to its renewables and networks businesses.
A net profit of €3.88bn, up 8%, was helped by good operating performance in the United States and Brazil, new installed capacity, the greater weight of regulated network assets.
Iberdrola said its electricity and supply business benefitted from increased installed renewables capacity, with a significant contribution from offshore wind.
The directors said the offshore wind business is gaining strength with 1260MW in operation, 2600MW under construction and 4600MW in advanced stages of development to be commissioned by 2027.
At the end of 2021, the company had almost 3500MW of new renewable capacity installed.
This included 1181MW of photovoltaic, 1141MW of onshore wind, 998MW hydroelectric and 162MW of batteries.
Iberdrola’s total installed renewables capacity now exceeds 38,000MW worldwide.
Furthermore, capacity under construction reached 7800MW and the company has more than €4.3bn invested in renewables.
Iberdrola chairman Ignacio Galán (pictured) said: “The acceleration of investments has helped us to continue to deliver strong growth at a higher rate than expected.
“These results reflect the success of a sustainable model and encourage us to continue working towards the decarbonisation of the energy system.”