Iberdrola will invest €58bn between 2025 and 2028, with two-thirds directed towards transmission and distribution networks in the UK and US.
The Spanish utility said the programme represents a 30% increase on its previous plan, with 65% of funds channelled into regulated networks and 85% in A-rated countries with stable regulatory frameworks.
The UK will be the largest investment destination at €20bn, followed by the US with €16bn, Iberia with €9bn, Brazil with €7bn and other EU markets and Australia with €5bn.
The company said €37bn of the total will expand its regulated asset base to €70bn by 2028, including €25bn in distribution and €12bn in transmission, 95% of which will be in the UK and US.
Iberdrola will allocate €21bn to generation and customers, with 75% of projects already under construction. Of this, 38% will be in offshore wind, 24% in onshore wind, 10% in solar, and 10% in storage.
EBITDA is forecast to reach €18bn in 2028, up €3bn, with networks accounting for 55% of the total. Adjusted net profit is expected to rise €2bn to €7.6bn.
Close to €20bn will be distributed in dividends between 2025 and 2028, with payout set at between 65% and 75% and a floor of €0.64 per share.
The company added it will hire 15,000 people, invest €1.6bn in R&D, support 500,000 jobs through supply chain purchases of €65bn and contribute more than €40bn in taxes.
Executive chairman Ignacio Galán said: “This plan aims to transform Iberdrola’s profile into a more regulated company, with networks as a vector for growth.”
He added: “We expect to achieve a net profit of €7.6bn in 2028, with around €20bn allocated to dividends between 2024 and 2028.”