Iberdrola has earmarked over A$4bn (€3bn) in investments to help deliver Australia’s energy transition, following the Senate’s vote to approve new climate targets for the country.
Ignacio Galán, Iberdrola’s chairman and CEO, met on 7 September in Canberra with both Prime Minister Anthony Albanese and Chris Bowen, Federal Minister for Climate Change and Energy to outline his company’s plans to deliver new renewable energy capacity, battery storage, green hydrogen projects and invest in transmission networks.
In his recent trip Galán also met with the Premier of Victoria and the Treasurer and Energy Minister of New South Wales, as well as Australian investors.
The clean energy company expanded its role in the Australian market in 2020 with the acquisition of Infigen Energy, Australia’s leading renewable energy utility at the time.
With a mature pipeline of over 2GW of onshore wind and solar development projects, Iberdrola has also recently established a networks business in Australia and is seeking new opportunities.
Beyond that, the company is analysing a range of green hydrogen investments.
Globally Iberdrola has 60 green hydrogen projects being progressed in eight countries, including the recent completion Europe’s largest industrial green hydrogen plant in Spain.
Iberdrola will look to “bring its capital and experience” to the emerging offshore wind industry in Australia as well.
Iberdrola chairman and CEO Ignacio Galán (pictured, right) said: “The full ratification of Australia’s decarbonisation targets will align Federal policies with the ambitions already shown by most States, and the commitment shown by Australian companies and wider society.
“The country’s huge renewable potential and its tradition of clear and stable policy frameworks creates the opportunity for Australia to establish itself as a leading global powerhouse in the energy transition and consolidate its reputation as one of the largest global energy exporters by realising its massive potential to produce green hydrogen.
“Iberdrola is also ready to invest and contribute its resources and skills to help unlock the new jobs and economic opportunities that a greener and smarter energy system will deliver for Australia.”
Included in the projects Iberdrola is developing are the 1GW Mount James wind farm and the 360MW Broadsound solar plant, both in Queensland.
Today Iberdrola has 1GW of renewable energy installed (wind, solar and batteries) in Australia and a further 390MW under construction.