• Just over half of investment to go on power networks
• 17 bln euros for renewables, nearly half offshore wind
• 2025 net profit seen 5.2-5.4 bln euros vs 4-4.2 bln in 2022
• 30 bln euros have been invested since 2020

Spain’s Iberdrola will invest 47 billion euros ($47 billion) in electricity networks, renewable energy production and customer businesses over the next two years, its chairman said in a strategy update on Wednesday.

Iberdrola is pushing to remain one of the leaders in global renewable power at a time when utilities are facing a challenging transition away from fossil fuels, accelerated by the need to cut energy dependence on Russia.

In its last strategy update, the company said it planned to invest 75 billion euros in renewable energy, grids and retail operations from 2020-2025. Around 30 billion euros has been invested since then, and a further 65-75 billion euro investment is planned from 2026 to 2030, a company spokesman said.

Iberdrola said 57% of the total 2023-25 investment, or 27 billion euros, would be in electricity networks in Britain, Brazil, Spain and the United States.

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It said 85% of that investment had been secured, with deals already closed or expected to be closed next year.

“The global investment plans we have set out today will help us to bring more self-sufficiency and resilience against potential energy shocks in the countries where we operate,” executive chairman Ignacio Galan told a capital markets day in London.

Some 17 billion euros of the 47 billion total investment will go on renewables. Nearly half of that will be spent on offshore wind.

Iberdrola said it aims to become carbon neutral by 2030 and reach the tougher net zero emissions standard by 2040.

Source: Reuters