Investments, more than half of which were down to its offshore wind projects, boosted Iberdrola’s profit in the first quarter to more than €2bn.
Of the €1bn investments, more than half are allocated to offshore wind, mainly to the East Anglia 2 and 3 (UK) and Vineyard Wind (USA) wind farms.
Furthermore, in the quarter, investments grew by 14% to €2.720bn, 65% in the United States and the United Kingdom.
Selective investment in renewables stood at €1.064bn, an increase of 7%.
Investment in Networks grew by 18% to €1.432bn (53% of the total):
Regulated assets grew by 14% to €49bn after the integration of ENW, and is expected to exceed €51bn by the end of the year.
Iberdrola added that the entry into operation of offshore wind projects in the coming quarters and investments in networks will improve cash generation.
Within renewables, the company had 4000MW more in operation, with 100% of energy sold by 2025.
It also reported no impact on results from the new tariffs, which will increase the cost of investment by less than 1% due to robust supply chain management processes:
Commenting on the results, Ignacio Galán (pictured), executive chairman of Iberdrola, said: “Our focus on regulated networks and selective investment in renewables in A-rated markets has continued to contribute to sustained growth in results and dividends.
“Our record investment in this quarter, and our planned future investments in networks, show how we’re focused on speeding up electrification in order to reduce external dependency, improve competitiveness, promote local industries and jobs and deliver price stability.”