Iberdrola earnings from renewables were up over 5% in the first half of 2020, compared with the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was €1226.9m in the period, while revenue increased almost 6% to over €2036m.
The clean power segment’s good showing was driven by new capacity, including 790MW and 225MW of onshore wind in the US and Spain respectively, a high consolidated load factor and increased production.
Output from renewables was up almost 19% to 29,861 gigawatt-hours, with Spanish hydro delivering 51.5% more power than in 2019.
Overall, net profit for the company stood at €1.84bn at the end of June, up by 12.2%, despite an adverse impact of €153m from the Covid-19 pandemic.
Iberdrola chairman Ignacio Galan said: “We are making firm progress in our commitment to invest €10bn in our business in 2020, demonstrating that the way to a rapid and sustained recovery is through the green economy.”
Iberdrola has a further 7.5GW of renewables under construction.
This brings Iberdrola’s clean power pipeline to 58,000MW, 75% of which sits outside Spain in countries including the US, UK and Brazil.
It currently has 12GW under development in offshore wind, in addition to 9000MW of options in Sweden.
Iberdrola said it will continue to seek to increase its pipeline of renewable projects through selective acquisitions.
Its half-yearly results also showed that 90% of its €3.58bn investment made in the first six months of the year was allocated to the networks and renewable energy businesses.
This was in line with the objective of investing €10bn by the end of 2020
This takes the total amount of capital investment made over the past 12 months to €8.23bn.