9 Nov, 2022 @ 18:45
1 min read

Spain’s Iberdrola announces €17 billion investment in renewables across Europe and USA

Spain's Iberdrola announces €17 billion investment in renewables across Europe and USA.
Cordon Press image

ENERGY giant Iberdrola will invest €47 billion in electricity networks, renewable energy production and customer businesses over the next two years.

Around €17 billion of that figure will go on renewables with nearly half of the amount to be spent on offshore projects in Europe and the US.

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.

Executive chairman, Ignacio Galan, said: “The global investment plans will help us to bring more self-sufficiency and resilience against potential energy shocks in the countries where we operate.”

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

Galan also criticised the EU’s proposed cap on revenue from electricity generation and Spain’s planned windfall tax on energy companies.

“It’s certainly not making Spain very attractive for investment. Not only for us, for everybody,” Galan said, adding that he will defend the interests of shareholders in the courts.



Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

p malaga port
Previous Story

Google’s plans to make Malaga the new ‘Silicon Valley’ see a surge in demand for luxury homes along Spain’s Costa del Sol

Complete Village On Spain Portugal Border On Offer For Bargain €260,000
Next Story

Deserted village on Spain-Portugal border being sold for bargain €260,000

Latest from Business & Finance

Go toTop

More From The Olive Press