Iberdrola has launched a €75bn (£67bn) investment plan, covering 2020-2025, as it looks to anticipate and capitalise on opportunities driven by the energy revolution.
Unveiled on 5 November, the plans seek to boost the industrial fabric and jobs in the countries where the company operates, positioning Iberdrola as a key player in the transition to a low-carbon economy. The majority (90%) of investment will be organic, with the UK and US accounting for half (€34bn or £30bn) of this. It expects renewable capacity to double, reaching 60GW in 2025, with its portfolio divided between onshore wind (26GW), offshore wind (4GW), solar (16GW), and hydro (14GW).
The plans identify green hydrogen as a strategic vector for industry and set out how, in line with European recovery plans, the company plans to install 600MW by 2025 and 800MW by 2027, together with Fertiberia, producing 15,000 tonnes of renewable hydrogen.
The first projects in Spain will be completed – with some capacity installed in 2021 – along with more initiatives in other countries. This will lead to the development of a supply chain to support the implementation of new electrolyser manufacturers, while promoting alliances with other industrial groups.