Iberdrola invested almost €8bn globally in the first nine months of 2022, an increase of 14%, with 90% of funding allocated to renewables and smart grids.
The Spanish investor said in its Q3 results that 75% of investments were in international markets, with US as the primary investment destination.
Iberdrola’s wind and solar production increased by 13% thanks to new installed capacity and good operational performance, driving renewable energy production to 55,354GWh and compensating for the lower hydro production due to weather conditions.
The company reported a net profit of €3.1bn (+29%), driven by strong international performance (mainly in the US and Brazil).
EBITDA increased by 17% to €9.53bn, while operating cash flow reached €8.2bn, up 28%
Also during the report period, it formed an alliances with EIP for Wikinger to drive further growth in offshore wind, Sempra in the US to develop green hydrogen; and with Shell to boost floating offshore in the UK and with BP to promote 11,000 charging points in Spain and Portugal.
Executive chairman of Iberdrola Ignacio Galán (pictured) said: “We continue to contribute to a more self-sufficient, sustainable and competitive energy system.
“Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and generate more growth and more jobs, as this set of results show.”