Iberdrola’s renewables generation increased to 40,344MW in Q1 2023.
The 5.3% rise from the same period in 2022 was largely due to increases in its solar and onshore wind projects.
Solar capacity rose by 40%, to 4576MW, due to new installations in Australia, Spain, the United States and Brazil.
Onshore wind increased by 4%, reaching 20,202MW.
Furthermore, the Spanish investor has 3500MW of offshore wind under construction, with its Saint-Brieuc project in France expected to achieve first power in May and commercial operation by year end.
In addition, it US project Vineyard Wind is expected to achieve first power before the year end.
The board said that increased output from wind, solar and hydro resulted in lower spot market energy purchases to fulfil customer demand.
It added that 60% of planned renewable capacity was now under construction or secured and c.100% of networks investments under frameworks agreed or in advanced negotiation.
EBITDA for the whole company, increased by 38% to €4.1bn, thanks to geographic diversification, increased asset base in networks in all countries and the normalisation of wholesale and retail markets.
Ignacio Galán (pictured), executive chairman of Iberdrola, said: “This has been a good start to the year for Iberdrola, reinforcing the strength of our business model as a global leader in the energy transition.
“The first quarter has seen strong operating performance across the world, with normalisation of renewable production and continuing stabilisation in wholesale and retail markets after the challenges experienced in the same period last year.
“We have made rapid and significant progress in delivering our business plan to 2025 and have already achieved our targets for asset rotation and partnerships.
“We continue to see very strong interest from world leading funds and major companies to partner with us.
“We are now seeing faster progress on energy policy and regulation, driven by green energy security in most of the countries where we operate. We are well positioned to support the acceleration of electrification in our key markets, and we remain fully committed to growing our business with more renewables, more networks and more storage in countries with ambitious targets and stable regulations.”