Iberdrola has reported profitability growth of almost 71% in its renewables division in the nine months to September 2021.
The Spanish investor achieved EBITDA levels of €3.04bn for the division thanks to strong production growth and higher installed capacity.
The directors reported that gross investments continued to accelerate, totalling a record high of €7.03bn (+6%).
Around 90% of investment capital has been allocated to the development of new renewables and smart grids projects.
Investment in grids rose 27% to €3.18bn.
Iberdrola operates 1300MW of offshore wind projects and is progressing construction of 2600MW across several projects.
These are Saint Brieuc in France, Vineyard Wind 1 and Park City Wind in the US and Baltic Eagle in Germany.
These projects will double its offshore wind capacity in the coming years.
Iberdrola has also exercised the option to develop the 300MW Windanker offshore wind farm, forming part of the company’s Baltic Hub which will have over 1000MW total installed capacity
Furthermore, the acquisition of PNM Resources in the US is expected to be completed before the end of the year.
The deal will consolidate Iberdrola as one of the largest distributors in the US market and the third largest renewables operator in that market, the directors said.
Progress is also being made in the development of green hydrogen.
Iberdrola has more than 60 projects in eight countries – Spain, United Kingdom, Italy, Brazil, United States, Mexico and Australia – with a portfolio that will require investments of more than €3bn by 2030 for the production of 134,000 tonnes per year.
Chairman Ignacio Galán (pictured) said:”We remain committed to our sustainability strategy based on the fight against climate change and the creation of wealth and jobs in the communities where we operate, for the benefit of our stakeholders.”