Iberdrola has reported increases in net profit and EBITDA for 2023 in its financial results for the year.
The company has set a new investment record for 2023, of €11.38bn, driving net profit by more than 10% to €4.8bn and a 9% increase in EBITDA to €14bn.
Grids and offshore wind are the main drivers of the €11.38bn across all geographies (€33.5bn over the last three years).
The investment has delivered an increased regulated asset base of €42.21bn (+8%), and increased renewables capacity of 42.187GW.
Total assets now exceed €150bn.
In 2023 an additional renewable capacity of 3250MW was installed with a total associated investment of over €5bn (60% in offshore wind and hydro).
Installation of the Saint Brieuc offshore wind farm in France has been completed and first power achieved at Vineyard Wind #off the US coast.
A new investment record is planned in 2024 of €12bn, which will include 2GW of new onshore renewables capacity and from new offshore wind farms already under construction in the US, Germany and the UK.
Iberdrola executive chairman Ignacio Galan (pictured) said: “In a year of challenging macroeconomic conditions, we have once again maintained our consistent track record of delivering on our guidance, thanks to our integrated business model and our disciplined focus on investment and growth in stable markets.
“After a year of record investments, our enhanced financial solidity means we will continue to invest significantly in the energy transition in 2024.
“New investment frameworks in networks and our offshore wind projects under construction will help us to deliver strong and profitable growth for the year.”