RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-03-01 10:20:00

IBERDROLA RENEWABLE INVESTMENT $182 BLN

IBERDROLA RENEWABLE INVESTMENT $182 BLN

IEEFA - February 25, 2021 - Iberdrola has unveiled plans to double its spend on renewables, taking its investment from €75 billion (US$91 billion) by 2025 to €150 billion (US$182 billion) by 2030. 

The Spanish energy group made the pledge after its renewables business posted net profits of €3.6 billion (US$4.4 billion) last year despite the widespread disruption in the power market caused by COVID-19. 

Chairman and CEO Ignacio Galan told analysts today (24 February) that the company will set aside €150 billion (US$182 billion) to nearly triple its renewable energy capacity by 2030, adding it would further expand by “focusing on countries with attractive ratings and ambitious climate policies”. The company also increased its dividend 5% to €0.42 (US$0.51) per share. 

Overall, Iberdrola’s operating profit fell by 3% to €1.2 billion (US$1.4 billion), driven by its recent commissioning of new plants as it ramps up its renewables capacity. However, EBITDA earnings, gross profit and revenues in the renewables arm rose by 8.4%, 9.1% and 8.5% respectively, according to the company’s 2020 results statement. It estimated that profits would have been 10% higher compared for 2019 if the pandemic had never existed. 

Spain, the company’s home market, took the greatest sales hit last year in the renewables sector, falling 5.2% to €697.6 million thanks to falling electricity demand brought on by the pandemic and subsequent restrictions on movement. Nonetheless, the utility’s renewables earnings rose in all other markets and was notably supported by growth in the UK, where margins jumped 40% last year compared with 2019. EBITDA in Brazil also rose 19%, and 10.7% in Mexico, due to higher output increases and operating capacity in the countries. Iberdrola said it expects annual profits to reach €7 billion (US$8.5 billion) within the next decade as it ramps up investment in renewables. 

The utility has targeted installing 60GW of renewables capacity within the next five years, doubling its solar PV capacity to 16GW, and plans to reach 93GW by 2030. The company recently signed a power purchase agreement (PPA) to sell electricity from what is claims will be Europe’s largest PV plant, the 590MW Francisco Pizarro project in Spain’s Extremadura region, to French food group Danone. The project is expected to come online April 2022. Meanwhile, the company also plans to form a new business unit focused on hydrogen that will use 100% green energy in the electrolysis process.

-----


Earlier:

IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, February, 25, 12:10:00
EUROPE'S CLIMATE STRATEGY
Economic losses from more frequent climate-related extreme weather are increasing. In the EU, these losses alone already average over €12 billion per year.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, February, 25, 11:40:00
EUROPE'S CLEAN ENERGY PARTNERSHIP EUR 10 BLN
The EU will provide nearly Eur10 billion of funding that the partners will match with at least an equivalent amount of investment, the EC said in a statement.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, February, 17, 15:35:00
EUROPEAN ENERGY & CLIMATE
Signed in 1994 to protect cross-border investment in the energy sector, the Energy Charter Treaty has faced growing criticism from environmental groups and governments that say it impedes countries’ efforts to phase out fossil fuels.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, February, 10, 11:25:00
EUROPEAN RENEWABLE INVESTMENT $32 BLN
“[T]hese investments will create jobs and growth. Every new offshore wind turbine generates EUR 15 million of economic activity. We expect the 77,000 people working in offshore wind today in Europe to be 200,000 by 2030,” Dickson said.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, January, 28, 12:40:00
EUROPEAN RENEWABLES HAVE TO DOUBLE
While renewables' 2020 performance was impressive, especially during a global pandemic, the report warns that the average pace of deployment through the 2020s will need to more than double that of the prior decade if the EU is going to hit its target of a 55 percent reduction in emissions by 2030.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, January, 19, 13:50:00
EU GAS MARKETS ARE CHANGING
The European Commission is planning to issue new proposals for gas legislation in the last quarter of 2021. EU gas markets are on the cusp of dramatic changes.
IBERDROLA RENEWABLE INVESTMENT $182 BLN
2021, January, 8, 15:10:00
EUROPEAN POWER GRID UP
There are several new undersea power cable interconnector projects about to become operational across Europe. These high-voltage direct-current (HVDC) projects will enable significant transfers of renewable energy.
All Publications »
Tags: IBERDROLA, RENEWABLE, INVESTMENT