Iberdrola saw its installed renewable energy capacity grow to reach almost 40,000MW in 2022.
This was a 5.1% increase compared to the same period last year, bringing the company’s total to 39,963 MW.
Iberdrola saw the biggest growth in solar photovoltaic, with more than 1200MW installed in 2022 to total 4264MW. This was followed by onshore wind, which added 750MW in 2022 to exceed 20,000MW for the first time.
By country, Spain accounts for nearly 50%, with around 19,800MW of ‘green’ installed.
Iberdrola also operates 8702MW of green capacity in the US, mostly wind; 4568MW in Brazil and more than 3000MW in the United Kingdom.
Renewable energy production stood at 74,525GWh in 2022, thanks to new installed capacity and the positive performance of onshore wind power, which compensated for the shortage of rainfall.
Onshore wind production increased by 9.3% to 45,195GWh. Solar PV also made a significant contribution to the energy mix, reaching almost 4000GWh in 2022, due to new plants coming on stream.
In addition, 80% of the group’s total energy capacity is now emissions-free.
Iberdrola has also set a renewable capacity target of 52,000MW by 2025, and plans to install 12,100MW new green facilities, of which 3100 MW will be onshore wind, 6300 MW solar PV, 1800MW offshore wind, 700MW batteries and 200MW hydro.
The group has already secured 50% of the new capacity and around 95% of the production will be contracted by 2025.
By 2030, the company’s outlook anticipates a ‘green’ generation capacity of 80,000MW, with a total portfolio of 100,000MW.
To achieve these figures, the company has committed to invest €17bn between 2023-2025, in high quality projects with the best risk/return ratio.
Of this amount, 46% will be focused on offshore wind in France, Germany, the UK and the US. In the remaining technologies, onshore wind will account for 25% of investment, PV 24%, hydro 2% and batteries 3%.