Iberdrola invested almost €5bn in H1 2022, up 5% year-on-year, with 90% allocated to renewables and smart grids to accelerate the energy transition.
According to its latest half-yearly results, 23% (€1.1bn) of the €4.74bn H1 investment was committed to Spain; €1.24bn was allocated to the US and €801m to the UK
In the past 12 months, the Group has installed 3400MW of new renewable energy capacity.
Globally, Iberdrola’s total renewable capacity in operation reached 39GW, with a further 10.8GW under construction
In the UK, the new distribution framework will entail investments of €4bn from next year to 2028.
The Group has been awarded a 2,000km gridline in Brazil – its largest project of this kind in the world
Overall, Iberdrola reported a net profit of €2.07bn in H1 2022, up 36%.
This was driven by strong growth in the United States, Brazil and the United Kingdom, as was the case in the previous quarter, offset the adverse result of Iberdrola Spain, where it recorded a 26% drop in net profit.
Cash flow generated in the first half of the year amounted to €5.56bn, 31% more than in the same period of the previous year
Iberdrola expects to achieve a net profit of between €4bn and €4.2bn for the year as a whole.
Iberdrola chairman Ignacio Galan (pictured) said: “At Iberdrola, we continue to increase our investments to strengthen our energy self-sufficiency and accelerate the green transition, reducing our dependence on fossil fuels.
“The projects we have underway in Spain and around the world are enabling us to generate economic activity and support 400,000 jobs at with more than 19,000 suppliers.”