Strong production growth and increased installed capacity result in a nearly 71 percent increase in EBITDA
In the nine months leading up to September 2021, Iberdrola’s renewables segment achieved a profit increase of about 71%.
Due to robust production growth and larger installed capacity, the Spanish investor was able to reach EBITDA levels of €3.04 billion for the division.
Gross investments continued to rise, reaching a new high of €7.03 billion (+6%), according to the board of directors.
Around 90% of investor funding has gone toward developing new renewable energy and smart grids initiatives.
Iberdrola owns and operates 1300MW of offshore wind farms, with another 2600MW under construction across numerous projects.
Saint Brieuc is located in France, Vineyard Wind 1 and Park City Wind are located in the United States, while Baltic Eagle is located in Germany.
In the following years, these projects will increase the country’s offshore wind capacity.
Iberdrola has also chosen to create the 300MW Windanker offshore wind farm, which will be part of the company’s Baltic Hub, which will have a total installed capacity of over 1000MW.
In addition, the purchase of PNM Resources in the United States is planned to be finalized by the end of the year.
Iberdrola will become one of the major distributors in the US market, as well as the third largest renewables operator, according to the board of directors.
Also making progress is the creation of green hydrogen.
Iberdrola has around 60 projects in eight countries, including Spain, the United Kingdom, Italy, Brazil, the United States, Mexico, and Australia, with a portfolio that will require more than €3 billion in expenditures by 2030 to produce 134,000 tonnes per year.
“We are dedicated to our sustainability plan focused on the battle against climate change and the generation of wealth and employment in the communities where we operate, for the benefit of our stakeholders,” stated Chairman Ignacio Galán (pictured).