Iberdrola reported almost an 28% increase in profits at its renewables division in the first quarter of the year.
EBITDA at the unit came in at €932.1m, contributing towards group-wide earnings of €2.81bn, which were steady for the period.
Growth in the green energy division was due to increased renewable installed capacity, a rise in renewable production in Spain at higher prices, and the growing contribution of offshore wind power with the start-up of East Anglia One in April last year.
Iberdrola ended the quarter with 8.7GW of renewable generation assets under construction, of which 4.6GW is wind, 2.8GW is solar photovoltaic, 1.16GW is hydroelectric and 150MW is battery storage.
The group is also building strong positions in growth markets including Japan, Poland, Sweden and Ireland
Overall, 81% of the total EBITDA figure came from countries with an A rating.
Adjusted net profit stood at €1.08bn, an increase of 12% on the prior year
During Q1, Iberdrola continued to invest in the business, with a record €2.5bn committed, an increase of 45% on the same period last year.
Debt reduced by 3.5% to €36.3bn and cost of debt lowered by 12 basis points to 3.3%.
Gross cash flow grew 7% to €2.27bn and liquidity reached €17bn.
Chairman Ignacio Galán (pictured) said: “The acceleration of investments allows us to grow at a faster pace than initially planned while sustaining more than 30,000 quality jobs through our supply chain in Spain.
“Iberdrola is putting all its financial strength and leadership at the service of economic recovery in all the countries where we operate.”