Iberdrola’s global renewables production rose to 42,387MW in the first quarter of 2024.
The 5.2% rise on the same period last year was largely due to its offshore wind projects, which now collectively produce 1819MW of energy.
This included a full contribution from St. Brieuc in France and progressive increase in capacity from Vineyard Wind 1 in the US and Baltic Eagle in Germany.
Renewables production in Iberia increased by 19%, reaching a 10-year high (10,600 GWh), and energy storage increased by 18% to 2,240GWh.
During the first three months, Iberdrola invested just under €1bn invested in renewables, an increase of 50% on the same period last year, with increases across the board, but mainly in offshore wind.
Iberdrola executive chairman Ignacio Galán (pictured) said: “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production.
“We have started positively in the delivery of our strategic plan to 2026. Our record investment levels in the first quarter will drive a total spend of €12bn this year.
“The good start to the year has allowed us to increase our guidance for 2024, with net profit now expected to grow at a high-single-digit rate.”