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Spanish utility giant Iberdrola plans to invest US$182 billion (150 billion euro) to triple its renewable capacity by 2030, one of the biggest developers of renewable energy in Europe said on Wednesday as it reported a rise in net profit and investments in renewables in 2020.
Last year, Iberdrola invested a record US$11.2 billion (9.24 billion euro), up by 13 percent compared to the previous year. As much as 91 percent of the investment went into developing new renewables projects and electricity networks.
“In this decade, we plan to invest €150 billion to triple our renewable capacity and double our network assets,” Iberdrola’s chairman Ignacio Galán said in a statement.
Iberdrola is now building on its investment plan through 2025, which envisages US$91 billion (75 billion euro) in investments within five years, and is doubling the spending to reach US$182 billion (150 billion euro) by 2030.
The investment is expected to boost the company’s installed capacity to 95 gigawatts (GW) by 2030, and to double the current capacity to 60 GW in 2025.
As part of the European Union’s (EU) recovery funds, Iberdrola proposes 150 projects in Spain alone, including in green generation projects, smart grids, storage, and energy efficiency through electrification.
Iberdrola expects green hydrogen to be another major growth area for the company in the coming decade, echoing the view of French oil giant Total, whose chief executive Patrick Pouyanné said this week that the supermajor had “huge interest in hydrogen” and aims to be a large producer at scale.
Three months ago, another European utility giant, Italy’s Enel, said it plans to invest as much as US$194 billion (160 billion euro) by 2030 in boosting renewable power generation, decarbonization, and grid infrastructure as part of a new plan to become a “Super Major” in renewables.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.