Iberdrola reported a rise in profitability of more than 8% in 2020 in its renewables business.
The Spanish utility recorded EBITDA of €2.6bn thanks to contributions from commissioned projects.
These included onshore wind farms in the United States and Spain (+608.4MW and +244.1MW, respectively) and the gradual commissioning of photovoltaic solar capacity in Spain (332.3MW).
Also boosting profits were the East Anglia 1 offshore wind farm in the United Kingdom (+533.1MW), as well as the capacity acquisitions in France and Australia in the international segment (+350.7MW).
The contribution to gross margin from the renewables business increased by 9.1%, driven by a 18.3% increase in production.
This was thanks to the contribution from offshore and the higher consolidated load factor (23.2% vs 21.2% in 2019), and despite the lower average sale price.
Overall, revenues for the division stood at €4160.8m for 2020, an 8.5% increase on the previous year’s.
Iberdrola chairman Ignacio Galan said: “Our balance sheet is supporting economic recovery, with record investments of more than €9.2bn and €14bn awarded to over 22,000 suppliers, the largest in our history, to support 400,000 jobs in our markets.
“In this decade, we plan to invest €150bn to triple our renewable capacity and double our network assets.”