The Spanish energy company also wants to invest €4.5 billion to expand grid capabilities in Spain. The new committment is part of the company strategy for 2020-2025.
From pv magazine Spain
The president of Iberdrola, Ignacio Galán, presented, last week, the company’s 2020-2025 strategic plan, announcing: “The largest investment program in the history of a Spanish company,” – consisting of “investments aimed at leading the energy transition.”
Gross investments in the next six years [2020-2025] will amount to €75 billion euros and 90% – €68 billion – will be organic. More than half of the organic growth (51%) will go to renewables and 40% to improving power networks. In Spain, more than €7 billion will be allocated to renewables and around €4.5 billion will be devoted to grid projects.
The group also plans targeted investments “in countries with climate ambitions and [an] A rating,” to which 83% of the investments will be directed. Specifically, the United States and the United Kingdom will attract €34 billion of the investment, 50% of the total.
Renewable capacity doubles
It will reach 60 GW in 2025, compared to 32 GW in 2019. At the end of the period, the clean energy parks will be distributed between onshore wind (26 GW), offshore (4 GW), solar (16 GW) and hydroelectric – both traditional as well as storage (14 GW).
Overall planned investments in networks will exceed €27 billion by 2025 and the regulated asset base will reach a value of €47 billion after multiplying by 1.5 times compared to 2019.
The company also plans to reach 60 million contracts with clients in the world by 2025. To residential clients, it will offer solutions for energy storage and heat pumps, self-consumption and electric mobility; to industrial, smart solutions, electrification processes and green hydrogen.
For green hydrogen, a strategic vector for the industry, Iberdrola foresees the installation of 600 MW of operational green hydrogen in 2025 and 800 MW by 2027. The first projects in Spain – in 2021 the first megawatt will be installed – will be completed with initiatives in other countries while leading the development of the value chain and alliances with more industrial groups, said the company.
According to Iberdrola, these actions will have an impact on the development of the industrial sector and the creation of employment, since anticipating purchases from suppliers – €10 billion during 2020 – will promote the creation of some 30,000 jobs and more than 10,000 new contracts in the group in the world by 2022. As a consequence, the net profit at the end of 2022 will be in the range between €4 billion and €4.2 billion, and will be €5 billion in 2025.
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Source: pv magazine