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.



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