Iberdrola has this morning announced it will invest over €15bn in renewables, as part of a wider package of €41bn by 2026, to accelerate electrification.
During its Capital Markets Day the developer said it is directing €15.5bn gross investment in renewables, including €5bn contributed by partners in projects already identified.
More than 50% will go to offshore wind, in the US, UK, France and Germany and 100% of the investment will go to projects already under construction.
The gross investments of €41bn include the purchase of 18.4% of Avangrid, previously announced.
Iberdrola will invest €1.5bn in pumped storage.
Iberdrola will apportion 60% of investments, or €21.5bn, to expand and strengthen networks in the US, UK, Brazil and Spain.
Transmission is a growth driver, with more than €6.5bn to be invested in the period.
In its Vision 2030 Iberdrola will aim to have an additional 3000MW of offshore wind in operation from 2027, reaching close to 5000MW.
An additional 6000MW of onshore wind and solar will be commissioned from 2027.
Iberdrola will have a total renewables pipeline of 100,000MW for future development by 2030.
The company’s executive chairman Ignacio Galan said: “Our strategy will focus on delivering enhanced grid to support security of supply, now 60% of our total investment, as well as a strong expansion of renewables capacity, driven by the substitution of fossil technologies and additional demand.
“We also recognise an increasing role of storage technologies to preserve the balance between supply and demand 24 hours a day.
“Our strategic pillars focus on networks, geographical diversification, and a balanced energy and customers mix.
“This plan will allow us to grow our asset base, grow our profitability and strengthen our finances, as well as increasing dividends and driving jobs and skills and economic growth.”